Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Information Technology—48.1%
*
Advanced Micro Devices, Inc.
 
41,647
$8,472
*
Agilysys, Inc.
 
10,668
759
 
Apple, Inc.
 
51,782
13,142
 
Broadcom, Inc.
 
26,039
8,059
*
Dynatrace, Inc.
 
64,050
2,369
 
Intuit Inc.
 
10,693
4,624
 
Microsoft Corporation
 
29,422
10,891
 
Motorola Solutions, Inc.
 
9,872
4,284
 
NVIDIA Corporation
 
134,914
23,529
 
Oracle Corporation
 
25,768
3,791
*
PDF Solutions, Inc.
 
62,460
2,043
*
Pure Storage, Inc.
 
37,787
2,231
*
ServiceNow, Inc.
 
40,317
4,215
*
Snowflake Inc.
 
23,640
3,565
*
Synaptics Incorporated
 
14,962
1,048
 
 
 
93,022
 
Health Care—10.2%
 
Abbott Laboratories
 
20,586
2,114
 
Agilent Technologies, Inc.
 
35,944
4,097
*
GeneDx Holdings Corp.
 
12,879
827
*
HealthEquity, Inc.
 
12,870
1,076
*
IDEXX Laboratories, Inc.
 
3,765
2,115
*
Inspire Medical Systems, Inc.
 
16,596
856
*
Twist Bioscience Corp.
 
35,495
1,687
 
UnitedHealth Group Incorporated
 
13,734
3,716
 
West Pharmaceutical Services, Inc.
 
12,680
3,178
 
 
 
19,666
 
Communication Services—8.8%
 
Alphabet Inc.—Class A
 
31,084
8,939
 
Meta Platforms, Inc.
 
14,069
8,049
 
 
 
16,988
 
Consumer Discretionary—8.6%
*
Amazon.com, Inc.
 
43,611
9,083
*
Champion Homes, Inc.
 
19,179
1,426
*
Chipotle Mexican Grill, Inc.
 
34,855
1,116
*
Rush StreetInteractive, Inc.
 
87,749
1,909
 
The TJX Companies, Inc.
 
14,905
2,380
 
Wingstop Inc.
 
5,040
781
 
 
 
16,695
 
Financials—8.3%
*
Baldwin Insurance Group, Inc.
 
62,107
1,363
 
Carlyle Group, Inc.
 
73,822
3,572
 
Evercore Inc.
 
6,894
2,058
 
Mastercard Incorporated
 
18,195
9,091
 
 
 
16,084
 
Industrials—6.8%
 
C.H. Robinson Worldwide, Inc.
 
6,823
1,133
*
Copart, Inc.
 
67,760
2,250
 
Donaldson Company, Inc.
 
13,374
1,135
 
Hammond Power Solutions Inc.
 
6,613
825
 
Lincoln Electric Holdings, Inc.
 
5,443
1,356
 
Mueller Industries, Inc.
 
15,274
1,692
 
Regal Rexnord Corporation
 
9,038
1,693
 
Issuer
Sharesor
Principal
Amount
Value
 
Common Stocks—(continued)
 
Industrials—(continued)
 
Terex Corporation
 
16,381
$968
 
TransUnion
 
29,008
2,007
 
 
 
13,059
 
Consumer Staples—4.5%
 
Casey's General Stores, Inc.
 
2,285
1,663
*
e.l.f. Beauty, Inc.
 
10,714
649
 
Primo Brands Corporation
 
83,181
1,566
*
The Simply Good Foods Company
 
60,323
866
*
Vital Farms, Inc.
 
52,489
741
 
Walmart, Inc.
 
26,231
3,260
 
 
 
8,745
 
Energy—2.2%
 
Cameco Corporation
 
39,331
4,272
 
Materials—1.1%
 
Quaker Chemical Corporation
 
8,424
1,047
 
Sylvamo Corporation
 
25,745
1,087
 
 
 
2,134
 
Total Common Stocks98.6%
(cost $152,282)
 
190,665
 




 
 




 
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $862, collateralized by U.S. Treasury
Note, 3.875%, due 03/31/2028, valued at
$880
$
862
862
 
Total Repurchase Agreements0.4%
(cost $862)
 
862
 
Total Investments99.0%
(cost $153,144)
 
191,527
 
Cash and other assets,
less liabilities—1.0%
 
1,898
 
Net Assets—100.0%
 
$193,425

*
Non-income producing security
U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
1

Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$190,665
$
$
$190,665
Repurchase Agreements
862
862
Total Investments in Securities
$190,665
$862
$
$191,527
See accompanying Notes to Portfolio of Investments.
2

Large Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Information Technology—50.9%
*
Advanced Micro Devices, Inc.
 
157,260
$31,991
 
Amphenol Corporation
 
182,540
23,064
 
Apple, Inc.
 
796,370
202,111
 
Broadcom, Inc.
 
356,350
110,294
 
Intuit Inc.
 
82,770
35,788
 
Microsoft Corporation
 
476,030
176,212
 
NVIDIA Corporation
 
1,461,420
254,872
*
ServiceNow, Inc.
 
369,100
38,589
*
Snowflake Inc.
 
182,090
27,463
 
Texas Instruments Incorporated
 
71,810
13,941
*
Tyler Technologies, Inc.
 
33,779
11,565
 
 
 
925,890
 
Communication Services—11.1%
 
Alphabet Inc.—Class A
 
391,470
112,571
 
Meta Platforms, Inc.
 
154,890
88,617
 
 
 
201,188
 
Consumer Discretionary—9.2%
*
Amazon.com, Inc.
 
425,280
88,573
*
Cava Group Inc.
 
240,250
19,436
*
Chipotle Mexican Grill, Inc.
 
633,960
20,293
 
Marriott International, Inc.
 
14,320
4,684
*
O'Reilly Automotive, Inc.
 
365,750
33,762
 
 
 
166,748
 
Health Care—6.3%
 
Agilent Technologies, Inc.
 
299,080
34,089
*
IDEXX Laboratories, Inc.
 
57,490
32,303
 
UnitedHealth Group Incorporated
 
112,745
30,508
*
Veeva Systems, Inc.
 
106,700
18,743
 
 
 
115,643
 
Financials—6.2%
 
Carlyle Group, Inc.
 
587,657
28,437
 
Mastercard Incorporated
 
168,000
83,943
 
 
 
112,380
 
Consumer Staples—5.6%
 
Casey's General Stores, Inc.
 
20,800
15,139
 
Costco Wholesale Corp.
 
50,560
50,380
*
Monster Beverage Corp.
 
493,480
35,758
 
 
 
101,277
 
Industrials—5.5%
 
C.H. Robinson Worldwide, Inc.
 
173,590
28,828
*
Copart, Inc.
 
743,800
24,694
 
Mueller Industries, Inc.
 
86,350
9,568
 
TransUnion
 
296,400
20,508
 
Verisk Analytics, Inc.
 
89,930
17,064
 
 
 
100,662
 
Materials—3.8%
 
Linde Public Limited Company
 
84,560
41,921
 
Martin Marietta Materials, Inc.
 
45,860
26,997
 
 
 
68,918
 
Total Common Stocks98.6%
(cost $1,343,085)
 
1,792,706
 
Issuer
Sharesor
Principal
Amount
Value
 
Exchange-Traded Funds
 
Exchange-Traded Funds—1.1%
 
 
iShares Russell 1000 Growth ETF
 
44,920
$19,154
 
Total Exchange-Traded Funds1.1%
(cost $18,475)
 
19,154
 




 
 




 
 
Repurchase Agreements
 
Fixed Income Clearing Corporation,
1.150% dated 03/31/26, due 04/01/26,
repurchase price $5,939, collateralized
by U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $6,058
$
5,939
5,939
 
Total Repurchase Agreements0.3%
(cost $5,939)
 
5,939
 
Total Investments100.0%
(cost $1,367,499)
 
1,817,799
 
Cash and other assets,
less liabilities—0.0%
 
527
 
Net Assets—100.0%
 
$1,818,326

ETF
Exchange-Traded Fund
*
Non-income producing security
U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
3

Large Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$1,792,706
$
$
$1,792,706
Exchange-Traded Funds
19,154
19,154
Repurchase Agreements
5,939
5,939
Total Investments in Securities
$1,811,860
$5,939
$
$1,817,799
See accompanying Notes to Portfolio of Investments.
4

Mid Cap Value Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Financials—20.1%
*
Arch Capital Group Ltd.
 
252
$24
 
Carlyle Group, Inc.
 
455
22
 
East West Bancorp, Inc.
 
235
25
 
Everest Group Ltd.
 
78
26
 
Hartford Financial Services Group, Inc.
 
179
24
 
Huntington Bancshares, Inc.
 
1,564
24
 
Jefferies Financial Group Inc.
 
468
19
 
KKR & Co., Inc.
 
248
23
 
State StreetCorporation
 
251
32
*
WEX, Inc.
 
166
25
 
Willis Towers Watson PLC
 
98
29
 
 
 
273
 
Industrials—19.2%
*
Alaska Air Group, Inc.
 
531
19
 
Allegion PLC
 
179
26
 
Allison Transmission Holdings, Inc.
 
244
29
*
CACI International, Inc.
 
48
26
 
Donaldson Company, Inc.
 
337
29
 
Dover Corporation
 
126
26
 
JB Hunt Transport Services, Inc.
 
88
19
*
Kirby Corporation
 
296
39
 
Knight-Swift Transportation Holdings Inc.
 
291
17
 
Timken Co.
 
308
31
 
 
 
261
 
Information Technology—10.2%
*
Check Point Software Technologies Ltd.
 
123
17
 
Cognizant Technology Solutions Corp.
 
210
13
*
Flex Ltd.
 
395
26
 
Hewlett Packard Enterprise Co.
 
1,126
27
 
Jabil, Inc.
 
87
23
 
STMicroelectronics N.V.
 
952
33
 
 
 
139
 
Materials—8.8%
 
CEMEX S.A.B de C.V
 
1,977
22
 
Crown Holdings, Inc.
 
216
22
 
Element Solutions Inc
 
847
29
 
International Paper Company
 
622
22
 
Royal Gold, Inc.
 
97
25
 
 
 
120
 
Health Care—8.2%
 
Cencora, Inc.
 
64
20
 
Encompass Health Corp.
 
217
21
*
Globus Medical, Inc.
 
424
36
*
ICON PLC
 
141
16
 
Labcorp Holdings, Inc.
 
68
18
 
 
 
111
 
Real Estate—8.1%
 
Camden Property Trust
 
154
15
 
Healthpeak Properties, Inc.
 
1,129
18
 
Host Hotels & Resorts, Inc.
 
1,230
24
 
Regency Centers Corp.
 
378
29
 
VICI Properties, Inc.
 
866
24
 
 
 
110
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Energy—6.9%
 
Coterra Energy, Inc.
 
366
$13
 
Diamondback Energy, Inc.
 
82
16
 
Expand Energy Corporation
 
163
18
 
Permian Resources Corp.
 
661
14
 
Phillips 66
 
174
32
 
 
 
93
 
Utilities—6.8%
 
Entergy Corp.
 
318
36
 
NiSource, Inc.
 
592
27
 
PPL Corp.
 
777
30
 
 
 
93
 
Consumer Staples—5.6%
 
Ingredion, Inc.
 
139
16
 
Molson Coors Beverage Co.
 
414
18
 
Tyson Foods, Inc.
 
259
16
*
U.S. Foods Holding Corp.
 
285
26
 
 
 
76
 
Consumer Discretionary—3.8%
 
Brunswick Corp.
 
277
20
 
Toll Brothers, Inc.
 
222
31
 
 
 
51
 
Total Common Stocks97.7%
(cost $1,092)
 
1,327
 
Total Investments97.7%
(cost $1,092)
 
1,327
 
Cash and other assets,
less liabilities—2.3%
 
31
 
Net Assets—100.0%
 
$1,358

PLC
Public Limited Company
*
Non-income producing security
U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
5

Mid Cap Value Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$1,327
$
$
$1,327
See accompanying Notes to Portfolio of Investments.
6

Small-Mid Cap Core Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Industrials—22.1%
*
APi Group Corporation
 
42,053
$1,704
 
Applied Industrial Technologies, Inc.
 
11,403
3,025
 
BWX Technologies, Inc.
 
13,712
2,804
 
Carpenter Technology Corporation
 
7,226
2,848
*
Casella Waste Systems, Inc.
 
23,467
1,862
 
Curtiss-Wright Corporation
 
4,700
3,201
 
Donaldson Company, Inc.
 
32,645
2,771
*
Dycom Industries, Inc.
 
6,518
2,208
 
Flowserve Corp.
 
41,882
3,079
 
JBT Marel Corp
 
22,328
2,855
 
Kennametal Inc.
 
59,871
2,163
 
Knight-Swift Transportation Holdings Inc.
 
28,282
1,628
 
Lincoln Electric Holdings, Inc.
 
11,326
2,821
 
Mueller Industries, Inc.
 
23,128
2,563
 
nVent Electric PLC
 
18,850
2,230
 
Owens Corning
 
13,872
1,501
 
Regal Rexnord Corporation
 
10,028
1,878
 
Tecnoglass, Inc.
 
21,995
980
 
Terex Corporation
 
35,748
2,113
 
TransUnion
 
37,797
2,615
 
UL Solutions Inc.
 
31,128
2,668
 
 
 
49,517
 
Information Technology—18.3%
*
Agilysys, Inc.
 
27,951
1,988
*
Akamai Technologies, Inc.
 
37,130
4,264
 
Bentley Systems, Incorporated
 
40,332
1,417
*
Ciena Corporation
 
12,412
4,819
*
Coherent Corp.
 
15,219
3,625
*
Descartes Systems Group, Inc.
 
17,024
1,218
*
Diebold Nixdorf, Inc.
 
65,198
4,919
*
Dynatrace, Inc.
 
61,096
2,259
*
F5, Inc.
 
15,577
4,507
 
Littelfuse, Inc.
 
7,145
2,425
*
Onto Innovation, Inc.
 
15,732
3,226
*
OSI Systems, Inc.
 
7,829
2,079
 
Power Integrations, Inc.
 
44,225
2,264
*
Pure Storage, Inc.
 
35,356
2,087
 
 
 
41,097
 
Financials—13.1%
 
Atlantic Union Bankshares Corporation
 
52,936
1,892
*
Baldwin Insurance Group, Inc.
 
132,163
2,900
 
Banner Corp.
 
54,979
3,336
 
Carlyle Group, Inc.
 
69,352
3,356
 
East West Bancorp, Inc.
 
27,045
2,887
 
Everest Group Ltd.
 
12,753
4,168
 
Marex Group PLC
 
67,883
3,026
 
National Bank Holdings Corporation
 
60,656
2,375
 
Old National Bancorp
 
172,884
3,821
 
Perella Weinberg Partners
 
84,123
1,528
 
 
 
29,289
 
Consumer Discretionary—12.4%
*
Birkenstock Holding plc
 
62,313
2,233
 
BorgWarner Inc.
 
78,711
4,271
*
Bright Horizons Family Solutions, Inc.
 
18,182
1,493
*
Champion Homes, Inc.
 
33,622
2,501
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Consumer Discretionary—(continued)
 
Garrett Motion, Inc.
 
179,870
$3,268
*
Grand Canyon Education, Inc.
 
18,572
3,158
*
National Vision Holdings, Inc.
 
74,432
1,928
 
Pool Corp.
 
10,839
2,193
*
Revolve Group, Inc.
 
95,194
2,152
*
SharkNinja, Inc.
 
26,337
2,789
 
Texas Roadhouse, Inc.
 
10,967
1,811
 
 
 
27,797
 
Health Care—11.2%
 
Bio-Techne Corp.
 
57,725
3,017
*
Doximity, Inc.
 
79,656
1,856
 
Encompass Health Corp.
 
17,627
1,705
*
GeneDx Holdings Corp.
 
9,031
580
*
Halozyme Therapeutics, Inc.
 
41,820
2,703
*
HealthEquity, Inc.
 
31,514
2,633
*
Integer Holdings Corp.
 
38,795
3,414
*
Jazz Pharmaceuticals Public Limited
Company
 
9,586
1,812
*
Merit Medical Systems, Inc.
 
32,757
2,258
*
Twist Bioscience Corp.
 
52,588
2,499
*
Vericel Corp.
 
84,953
2,733
 
 
 
25,210
 
Real Estate—7.0%
 
Agree Realty Corp.
 
29,530
2,226
 
Americold Realty Trust, Inc.
 
115,683
1,326
 
Equity LifeStyle Properties, Inc.
 
49,944
3,117
 
Healthcare Realty Trust, Inc.
 
180,873
3,073
*
Jones Lang LaSalle Incorporated
 
11,089
3,375
 
Rexford Industrial Realty, Inc.
 
78,338
2,564
 
 
 
15,681
 
Materials—5.0%
 
Avery Dennison Corporation
 
11,218
1,937
 
Eagle Materials Inc.
 
10,213
1,935
 
Quaker Chemical Corporation
 
16,927
2,103
 
Reliance, Inc.
 
9,324
2,834
 
Sylvamo Corporation
 
58,249
2,460
 
 
 
11,269
 
Consumer Staples—3.6%
*
Freshpet, Inc.
 
30,223
1,782
*
Maplebear Inc.
 
47,472
1,778
 
Primo Brands Corporation
 
193,562
3,645
*
The Simply Good Foods Company
 
57,671
828
 
 
 
8,033
 
Energy—3.3%
*
Antero Resources Corp.
 
53,389
2,266
 
Cameco Corporation
 
25,952
2,819
 
Weatherford International PLC
 
23,869
2,257
 
 
 
7,342
 
Utilities—3.2%
 
IDACORP, Inc.
 
29,358
4,197
*
Talen Energy Corporation
 
9,609
3,068
 
 
 
7,265
 
Total Common Stocks99.2%
(cost $213,722)
 
222,500
See accompanying Notes to Portfolio of Investments.
7

Small-Mid Cap Core Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Principal
Amount




Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $4,643, collateralized by
U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $4,735
$
4,643
$4,643
 
Total Repurchase Agreements2.0%
(cost $4,643)
 
4,643
 
Total Investments101.2%
(cost $218,365)
 
227,143
 
Liabilities, plus cash and
other assets—(1.2)%
 
(2,781
)
 
Net Assets—100.0%
 
$224,362

PLC
Public Limited Company
*
Non-income producing security
U.S. listed foreign security
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$222,500
$
$
$222,500
Repurchase Agreements
4,643
4,643
Total Investments in Securities
$222,500
$4,643
$
$227,143
See accompanying Notes to Portfolio of Investments.
8

Small-Mid Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Industrials—25.1%
*
ACV Auctions, Inc.
 
630,487
$2,673
 
Advanced Drainage Systems, Inc.
 
96,200
13,192
*
APi Group Corporation
 
209,100
8,473
 
BWX Technologies, Inc.
 
112,849
23,077
 
Carpenter Technology Corporation
 
43,500
17,146
*
Casella Waste Systems, Inc.
 
120,661
9,573
*
Clean Harbors, Inc.
 
65,100
18,666
 
Curtiss-Wright Corporation
 
29,100
19,821
 
Donaldson Company, Inc.
 
195,700
16,609
 
Kennametal Inc.
 
298,400
10,781
 
Lincoln Electric Holdings, Inc.
 
64,200
15,991
 
Mueller Industries, Inc.
 
204,200
22,625
*
Nextracker Inc.
 
184,900
22,290
 
nVent Electric PLC
 
159,100
18,818
*
Parsons Corp.
 
218,300
11,825
 
Regal Rexnord Corporation
 
73,700
13,801
*
Saia, Inc.
 
25,000
8,782
*
Sterling Infrastructure, Inc.
 
34,700
14,132
 
TransUnion
 
113,700
7,867
 
WillScot Mobile Mini Holdings Corp.
 
219,223
3,806
 
 
 
279,948
 
Information Technology—22.3%
*
Akamai Technologies, Inc.
 
196,800
22,602
*
AppFolio, Inc.
 
66,246
10,455
 
Bentley Systems, Incorporated
 
443,300
15,569
*
Ciena Corporation
 
44,500
17,276
*
Coherent Corp.
 
80,600
19,200
*
Dynatrace, Inc.
 
386,586
14,296
*
F5, Inc.
 
78,244
22,638
*
Guidewire Software, Inc.
 
50,155
7,501
*
Lattice Semiconductor Corp.
 
256,685
23,810
 
Littelfuse, Inc.
 
26,900
9,129
*
Manhattan Associates, Inc.
 
92,400
12,300
*
Novanta, Inc.
 
74,454
8,794
*
Onto Innovation, Inc.
 
108,666
22,284
 
Power Integrations, Inc.
 
220,514
11,290
*
Pure Storage, Inc.
 
342,100
20,198
*
Synaptics Incorporated
 
157,600
11,038
 
 
 
248,380
 
Health Care—19.2%
*
Alignment Healthcare, Inc.
 
420,600
7,411
 
Bio-Techne Corp.
 
298,700
15,610
*
Cytokinetics, Incorporated
 
108,500
7,151
*
Doximity, Inc.
 
497,252
11,586
 
Encompass Health Corp.
 
97,917
9,471
*
GeneDx Holdings Corp.
 
73,218
4,702
*
Glaukos Corporation
 
114,100
12,284
*
Globus Medical, Inc.
 
217,495
18,739
*
Guardant Health, Inc.
 
139,700
12,904
*
Halozyme Therapeutics, Inc.
 
244,400
15,796
*
HealthEquity, Inc.
 
156,800
13,104
*
Insmed, Inc.
 
132,551
21,675
*
Inspire Medical Systems, Inc.
 
109,400
5,643
*
Insulet Corp.
 
20,365
4,273
*
Krystal Biotech, Inc.
 
36,000
9,300
 
Issuer
Sharesor
Principal
Amount
Value
 
Common Stocks—(continued)
 
Health Care—(continued)
*
Madrigal Pharmaceuticals, Inc.
 
38,600
$20,206
*
Twist Bioscience Corp.
 
512,073
24,334
 
 
 
214,189
 
Consumer Discretionary—11.1%
*
Birkenstock Holding plc
 
309,300
11,082
 
BorgWarner Inc.
 
269,945
14,647
*
Bright Horizons Family Solutions, Inc.
 
127,178
10,445
*
Cava Group Inc.
 
147,600
11,941
 
Churchill Downs, Inc.
 
164,900
14,813
*
Grand Canyon Education, Inc.
 
85,200
14,486
*
National Vision Holdings, Inc.
 
365,700
9,472
*
Planet Fitness, Inc.
 
165,300
12,295
 
Pool Corp.
 
54,400
11,007
*
SharkNinja, Inc.
 
128,500
13,608
 
 
 
123,796
 
Financials—9.3%
*
Baldwin Insurance Group, Inc.
 
603,410
13,239
 
Carlyle Group, Inc.
 
317,493
15,363
 
Cullen/Frost Bankers, Inc.
 
89,500
12,269
 
Evercore Inc.
 
35,200
10,508
 
Everest Group Ltd.
 
59,132
19,327
 
First Horizon Corporation
 
746,500
16,990
 
StepStone Group Inc.
 
199,666
9,528
 
TPG, Inc.
 
163,324
6,616
 
 
 
103,840
 
Consumer Staples—4.5%
*
BellRing Brands, Inc.
 
445,200
7,163
*
Freshpet, Inc.
 
168,079
9,910
*
Maplebear Inc.
 
230,826
8,647
 
Primo Brands Corporation
 
1,328,343
25,013
 
 
 
50,733
 
Materials—2.9%
 
Eagle Materials Inc.
 
61,187
11,592
 
Louisiana-Pacific Corp.
 
87,200
6,344
 
Reliance, Inc.
 
48,300
14,679
 
 
 
32,615
 
Utilities—1.9%
*
Talen Energy Corporation
 
66,500
21,229
 
Energy—1.7%
 
Cameco Corporation
 
172,388
18,723
 
Real Estate—1.4%
 
FirstService Corp.
 
47,835
6,646
 
Landbridge Company LLC
 
130,297
8,997
 
 
 
15,643
 
Total Common Stocks99.4%
(cost $1,013,252)
 
1,109,096
 




 
 




 
 
Rights
*
Abiomed, Inc. **
 
80,133
0
See accompanying Notes to Portfolio of Investments.
9

Small-Mid Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Principal
Amount
Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation,
1.150% dated 03/31/26, due 04/01/26,
repurchase price $16,468,
collateralized by U.S. Treasury Note,
3.875%, due 03/31/2028, valued at
$16,797
$
16,468
$16,468
 
Total Repurchase Agreements1.5%
(cost $16,468)
 
16,468
 
Total Investments100.9%
(cost $1,029,802)
 
1,125,564
 
Liabilities, plus cash and
other assets—(0.9)%
 
(9,926
)
 
Net Assets—100.0%
 
$1,115,638

PLC
Public Limited Company
*
Non-income producing security
U.S. listed foreign security
**
Fair valued pursuant to the Fund's Valuation Procedures. This
holding represents 0.00% of the Fund’s net assets at March 31, 2026.
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$1,109,096
$
$
$1,109,096
Repurchase Agreements
16,468
16,468
Rights
Total Investments in Securities
$1,109,096
$16,468
$
$1,125,564
See accompanying Notes to Portfolio of Investments.
10

Small-Mid Cap Value Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Industrials—28.3%
 
ABM Industries, Inc.
 
606
$23
*
Alaska Air Group, Inc.
 
895
33
 
Albany International Corp.
 
796
42
 
Allegion PLC
 
337
49
 
Allison Transmission Holdings, Inc.
 
517
61
 
Atmus Filtration Technologies Inc.
 
1,130
64
*
CACI International, Inc.
 
70
38
 
Donaldson Company, Inc.
 
642
54
 
Dover Corporation
 
215
45
 
Helios Technologies, Inc.
 
793
51
*
Janus International Group, Inc.
 
4,291
22
 
JB Hunt Transport Services, Inc.
 
261
55
*
Kirby Corporation
 
485
64
 
Knight-Swift Transportation Holdings Inc.
 
700
40
 
Matson, Inc.
 
287
47
 
Maximus, Inc.
 
511
33
 
McGrath RentCorp
 
430
47
*
Modine Manufacturing Co.
 
390
85
 
Rush Enterprises, Inc.
 
448
30
*
SkyWest, Inc.
 
288
26
 
Tecnoglass, Inc.
 
959
43
 
Timken Co.
 
514
52
*
Trex Company, Inc.
 
952
35
 
 
 
1,039
 
Financials—18.6%
 
American Financial Group, Inc.
 
295
38
 
Ameris Bancorp
 
710
55
 
Carlyle Group, Inc.
 
1,034
50
 
Columbia Banking System, Inc.
 
2,196
60
 
Cullen/Frost Bankers, Inc.
 
346
48
 
East West Bancorp, Inc.
 
448
48
 
Eastern Bankshares, Inc.
 
3,399
67
 
Essent Group Ltd.
 
717
42
 
Everest Group Ltd.
 
145
47
 
Jefferies Financial Group Inc.
 
951
39
 
Selective Insurance Group, Inc.
 
574
43
 
SouthState Bank Corporation
 
656
61
 
UMB Financial Corporation
 
354
40
*
WEX, Inc.
 
302
46
 
 
 
684
 
Information Technology—10.4%
 
Avnet, Inc.
 
883
55
 
Belden, Inc.
 
349
40
*
Diodes, Inc.
 
778
53
*
Flex Ltd.
 
982
64
 
Jabil, Inc.
 
122
33
*
Tower Semiconductor Ltd.
 
475
83
 
Vishay Intertechnology, Inc.
 
2,901
52
 
 
 
380
 
Real Estate—7.3%
 
Camden Property Trust
 
268
26
 
Four Corners Property Trust, Inc.
 
1,461
35
 
Healthpeak Properties, Inc.
 
2,177
36
 
Host Hotels & Resorts, Inc.
 
2,009
38
 
Kite Realty Group Trust
 
1,676
41
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Real Estate—(continued)
 
Regency Centers Corp.
 
593
$45
 
STAG Industrial, Inc.
 
1,258
45
 
 
 
266
 
Health Care—6.7%
 
Encompass Health Corp.
 
319
31
*
Globus Medical, Inc.
 
682
59
*
ICON PLC
 
271
30
*
ICU Medical, Inc.
 
344
44
 
Labcorp Holdings, Inc.
 
143
38
*
Lantheus Holdings, Inc.
 
577
44
 
 
 
246
 
Energy—6.5%
 
Expand Energy Corporation
 
344
38
*
Expro Group Holdings NV
 
3,480
60
 
Matador Resources Co.
 
919
58
 
PBF Energy, Inc.
 
1,000
48
 
Permian Resources Corp.
 
1,670
35
 
 
 
239
 
Consumer Discretionary—6.3%
 
Brunswick Corp.
 
499
36
*
Laureate Education, Inc.
 
1,382
48
*
Taylor Morrison Home Corp.
 
516
30
*
Valvoline Inc.
 
1,527
52
 
Winnebago Industries, Inc.
 
461
14
 
Wyndham Hotels & Resorts, Inc.
 
618
50
 
 
 
230
 
Materials—5.5%
 
Crown Holdings, Inc.
 
397
40
 
Eagle Materials Inc.
 
213
40
 
Element Solutions Inc
 
1,631
56
 
Royal Gold, Inc.
 
190
48
*
Taseko Mines Limited
 
2,737
18
 
 
 
202
 
Utilities—4.1%
 
IDACORP, Inc.
 
370
53
 
NiSource, Inc.
 
1,109
52
 
PPL Corp.
 
1,192
45
 
 
 
150
 
Communication Services—2.2%
*
CarGurus, Inc.
 
1,346
46
 
John Wiley & Sons, Inc.
 
916
35
 
 
 
81
 
Consumer Staples—1.7%
 
Ingredion, Inc.
 
250
28
 
Molson Coors Beverage Co.
 
803
35
 
 
 
63
 
Total Common Stocks97.6%
(cost $3,188)
 
3,580
See accompanying Notes to Portfolio of Investments.
11

Small-Mid Cap Value Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Principal
Amount




Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase price
$114, collateralized by U.S. Treasury Note,
3.875%, due 03/31/2028, valued at $116
$
114
$114
 
Total Repurchase Agreements3.1%
(cost $114)
 
114
 
Total Investments100.7%
(cost $3,302)
 
3,694
 
Liabilities, plus cash and
other assets—(0.7)%
 
(26
)
 
Net Assets—100.0%
 
$3,668

PLC
Public Limited Company
*
Non-income producing security
U.S. listed foreign security
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$3,580
$
$
$3,580
Repurchase Agreements
114
114
Total Investments in Securities
$3,580
$114
$
$3,694
See accompanying Notes to Portfolio of Investments.
12

Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Health Care—21.6%
*
Alignment Healthcare, Inc.
 
811,848
$14,305
*
Cytokinetics, Incorporated
 
120,490
7,941
*
Doximity, Inc.
 
292,150
6,807
*
Establishment Labs Holdings, Inc.
 
237,980
13,512
*
GeneDx Holdings Corp.
 
61,865
3,973
*
Glaukos Corporation
 
102,340
11,018
*
Globus Medical, Inc.
 
180,603
15,561
*
Halozyme Therapeutics, Inc.
 
190,700
12,325
*
HealthEquity, Inc.
 
112,240
9,380
*
Inspire Medical Systems, Inc.
 
122,468
6,317
*
Krystal Biotech, Inc.
 
55,790
14,412
*
Madrigal Pharmaceuticals, Inc.
 
26,758
14,007
*
Merit Medical Systems, Inc.
 
183,210
12,629
*
Mirum Pharmaceuticals, Inc.
 
115,733
10,691
*
Procept BioRobotics Corp.
 
146,570
3,666
*
Quanterix Corporation
 
719,776
2,534
*
Twist Bioscience Corp.
 
449,874
21,378
 
U.S. Physical Therapy, Inc.
 
130,522
9,784
*
Veracyte, Inc.
 
342,133
11,020
*
Vericel Corp.
 
410,954
13,220
 
 
 
214,480
 
Industrials—20.7%
*
ACV Auctions, Inc.
 
992,670
4,209
*
Amprius Technologies, Inc.
 
404,390
6,818
 
Argan, Inc.
 
13,340
7,266
*
Bloom Energy Corporation
 
112,900
15,297
 
Brink's Co.
 
114,634
11,880
 
BWX Technologies, Inc.
 
61,894
12,657
*
Casella Waste Systems, Inc.
 
89,189
7,076
 
ESAB Corporation
 
104,320
10,084
 
Flowserve Corp.
 
209,950
15,433
*
Graham Corporation
 
108,610
8,572
 
Hammond Power Solutions Inc.
 
72,755
9,079
 
Helios Technologies, Inc.
 
146,240
9,463
 
Knight-Swift Transportation Holdings Inc.
 
130,850
7,534
*
Mercury Systems, Inc.
 
113,098
8,246
*
Modine Manufacturing Co.
 
45,560
9,873
*
Nextracker Inc.
 
125,440
15,122
 
Regal Rexnord Corporation
 
84,510
15,825
*
Sterling Infrastructure, Inc.
 
30,040
12,234
 
Tecnoglass, Inc.
 
137,889
6,143
 
Terex Corporation
 
190,020
11,230
*
Verra Mobility Corp.
 
115,882
1,656
 
 
 
205,697
 
Information Technology—20.1%
*
Aehr TestSystems
 
177,373
6,577
*
Agilysys, Inc.
 
137,660
9,793
*
AppFolio, Inc.
 
66,350
10,471
 
Cognex Corp.
 
351,240
17,207
*
Diebold Nixdorf, Inc.
 
323,310
24,390
*
i3 Verticals, Inc.
 
406,700
9,094
*
Impinj, Inc.
 
88,790
9,119
*
Lattice Semiconductor Corp.
 
102,340
9,493
 
Littelfuse, Inc.
 
23,770
8,066
*
Lumentum Holdings Inc.
 
9,200
6,465
*
Novanta, Inc.
 
95,070
11,229
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Information Technology—(continued)
*
Onto Innovation, Inc.
 
36,640
$7,514
*
OSI Systems, Inc.
 
38,950
10,342
*
PDF Solutions, Inc.
 
386,599
12,646
*
Penguin Solutions, Inc.
 
333,740
5,874
 
Power Integrations, Inc.
 
195,985
10,034
*
Q2 Holdings, Inc.
 
104,184
4,928
*
Synaptics Incorporated
 
167,490
11,731
*
Vertex, Inc.
 
442,020
5,256
*
Zeta Global Holdings Corp.
 
550,960
8,771
 
 
 
199,000
 
Financials—10.8%
*
Baldwin Insurance Group, Inc.
 
536,471
11,770
*
Donnelley Financial Solutions, Inc.
 
188,490
8,885
 
Jefferson Capital, Inc.
 
539,047
10,366
 
Marex Group PLC
 
385,570
17,189
 
National Bank Holdings Corporation
 
362,130
14,181
 
Old National Bancorp
 
680,690
15,043
 
OneMain Holdings, Inc.
 
93,750
5,014
*
Paymentus Holdings, Inc.
 
185,856
4,721
 
Perella Weinberg Partners
 
577,795
10,493
 
StepStone Group Inc.
 
191,759
9,151
 
 
 
106,813
 
Consumer Discretionary—10.1%
 
BorgWarner Inc.
 
165,887
9,001
*
Champion Homes, Inc.
 
167,169
12,432
 
Garrett Motion, Inc.
 
878,759
15,967
*
Grand Canyon Education, Inc.
 
89,661
15,245
*
National Vision Holdings, Inc.
 
405,706
10,508
*
Planet Fitness, Inc.
 
112,570
8,373
*
Revolve Group, Inc.
 
362,697
8,201
*
Rush StreetInteractive, Inc.
 
736,150
16,011
 
Wingstop Inc.
 
30,040
4,655
 
 
 
100,393
 
Materials—5.2%
 
Balchem Corp.
 
108,940
18,463
 
Hawkins, Inc.
 
57,110
8,772
 
Quaker Chemical Corporation
 
85,297
10,597
 
U.S. Lime & Minerals, Inc.
 
103,525
13,521
 
 
 
51,353
 
Consumer Staples—3.1%
*
Freshpet, Inc.
 
152,180
8,972
 
Primo Brands Corporation
 
817,030
15,385
*
The Simply Good Foods Company
 
462,160
6,632
 
 
 
30,989
 
Energy—2.5%
*
BKV Corporation
 
402,770
11,487
 
Weatherford International PLC
 
140,960
13,332
 
 
 
24,819
 
Real Estate—2.0%
 
Americold Realty Trust, Inc.
 
539,080
6,178
 
FirstService Corp.
 
97,817
13,591
 
 
 
19,769
 
Total Common Stocks96.1%
(cost $895,870)
 
953,313
See accompanying Notes to Portfolio of Investments.
13

Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Sharesor
Principal
Amount
Value
 
Exchange-Traded Funds
 
Exchange-Traded Funds—1.0%
 
 
iShares Russell 2000 Growth ETF
 
31,550
$9,901
 
Total Exchange-Traded Funds1.0%
(cost $10,693)
 
9,901
 
Other Assets
 
 
Health Care—0.0%
 
*
OmniAb, Inc. 12.50 Earnout (Acquired
11/02/22, Cost $0)**,#
 
23,037
*
OmniAb, Inc. 15.00 Earnout (Acquired
11/02/22, Cost $0)**,#
 
23,037
 
 
 
 
Total Other Assets0.0%
(cost $—)
 
 




 
 




 
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $36,966, collateralized by
U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $37,704
$
36,965
36,965
 
Total Repurchase Agreements3.7%
(cost $36,965)
 
36,965
 
Total Investments100.8%
(cost $943,528)
 
1,000,179
 
Liabilities, plus cash and
other assets—(0.8)%
 
(8,182
)
 
Net Assets—100.0%
 
$991,997

ETF
Exchange-Traded Fund
PLC
Public Limited Company
*
Non-income producing security
U.S. listed foreign security
**
Fair valued pursuant to the Fund's Valuation Procedures. This
holding represents 0.00% of the Fund’s net assets at March 31, 2026.
#
Investment in securities not registered under the Securities Act of
1933 (excluding securities acquired pursuant to Rule 144A and
Regulation S). The value of such restricted securities represents
0.00% of the Fund’s net assets at March 31, 2026.
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$953,313
$
$
$953,313
Repurchase Agreements
36,965
36,965
Exchange-Traded Funds
9,901
9,901
Other Assets
Total Investments in Securities
$963,214
$36,965
$
$1,000,179
See accompanying Notes to Portfolio of Investments.
14

Small Cap Value Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Financials—25.0%
 
Ameris Bancorp
 
138,975
$10,839
 
Atlantic Union Bankshares Corporation
 
368,129
13,157
 
Banc Of California, Inc.
 
593,568
10,435
 
Brightsphere Investment Group, Inc.
 
98,852
5,379
 
Cathay General Bancorp
 
199,812
9,963
 
Eastern Bankshares, Inc.
 
726,622
14,213
 
Enterprise Financial Services Corp.
 
8,609
466
 
Essent Group Ltd.
 
165,362
9,664
 
FB Financial Corporation
 
270,398
14,044
 
First Bancorp
 
147,053
8,286
 
First Merchants Corp.
 
295,968
11,463
 
Hancock Whitney Corp.
 
212,512
13,514
 
Live Oak Bancshares, Inc.
 
271,066
8,964
 
National Bank Holdings Corporation
 
364,131
14,259
 
Old National Bancorp
 
233,664
5,164
 
Perella Weinberg Partners
 
663,935
12,057
 
Renasant Corporation
 
367,570
13,280
 
Seacoast Banking Corp. of Florida
 
497,549
15,071
 
Selective Insurance Group, Inc.
 
137,514
10,367
 
Stellar Bancorp, Inc.
 
13,053
478
*
Texas Capital Bancshares, Inc.
 
115,036
10,915
 
The Hanover Insurance Group, Inc.
 
73,381
12,721
 
UMB Financial Corporation
 
49,327
5,563
 
WaFd, Inc.
 
126,625
3,976
 
 
 
234,238
 
Industrials—22.7%
 
ABM Industries, Inc.
 
181,607
6,996
*
Alaska Air Group, Inc.
 
93,371
3,434
 
Albany International Corp.
 
186,325
9,728
 
Atmus Filtration Technologies Inc.
 
157,361
8,933
 
Brady Corp.
 
95,232
7,737
*
Centuri Holdings, Inc.
 
310,247
9,062
 
Granite Construction, Inc.
 
43,144
5,172
*
Hayward Holdings, Inc.
 
372,503
4,984
 
Helios Technologies, Inc.
 
188,621
12,206
 
Hub Group, Inc.
 
347,099
12,509
*
Huron Consulting Group, Inc.
 
81,060
10,334
*
Janus International Group, Inc.
 
1,015,263
5,229
*
Kirby Corporation
 
68,581
9,113
 
Knight-Swift Transportation Holdings Inc.
 
130,885
7,536
 
Korn Ferry
 
14,916
939
 
Matson, Inc.
 
62,008
10,166
 
Maximus, Inc.
 
120,374
7,716
 
McGrath RentCorp
 
88,336
9,742
*
Modine Manufacturing Co.
 
40,958
8,876
*
Openlane, Inc.
 
91,372
2,664
 
Rush Enterprises, Inc.
 
88,538
5,853
*
SkyWest, Inc.
 
49,716
4,565
 
Tecnoglass, Inc.
 
226,131
10,074
*
Thermon Group Holdings, Inc.
 
242,659
12,230
*
Titan Machinery, Inc.
 
276,512
4,623
*
Trex Company, Inc.
 
240,622
8,764
 
TriNet Group, Inc.
 
23,812
868
*
V2X, Inc.
 
182,497
12,501
 
 
 
212,554
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Consumer Discretionary—9.9%
*
Laureate Education, Inc.
 
309,088
$10,768
 
La-Z-Boy, Inc.
 
279,169
8,972
*
M/I Homes, Inc.
 
35,666
4,367
*
Malibu Boats, Inc.
 
178,206
4,619
 
Steven Madden Ltd.
 
297,583
10,094
*
Taylor Morrison Home Corp.
 
152,061
8,856
*
Tri Pointe Homes, Inc.
 
215,259
10,059
*
Valvoline Inc.
 
355,779
11,983
 
Winnebago Industries, Inc.
 
143,912
4,460
 
Wyndham Hotels & Resorts, Inc.
 
161,919
13,153
*
YETI Holdings, Inc.
 
137,651
5,037
 
 
 
92,368
 
Information Technology—9.2%
*
ADTRAN Holdings, Inc.
 
744,188
9,362
 
Avnet, Inc.
 
206,814
12,744
 
Belden, Inc.
 
70,690
8,117
*
Diodes, Inc.
 
163,663
11,172
*
Knowles Corp.
 
477,773
12,269
 
Kulicke & Soffa Industries, Inc.
 
149,354
9,815
*
Sanmina Corp.
 
38,099
4,939
*
Tower Semiconductor Ltd.
 
30,460
5,345
 
Vishay Intertechnology, Inc.
 
668,813
12,039
 
 
 
85,802
 
Real Estate—7.7%
 
Empire State Realty Trust, Inc.
 
1,084,954
5,642
 
Four Corners Property Trust, Inc.
 
463,105
10,952
 
Kite Realty Group Trust
 
493,491
12,115
 
LXP Industrial Trust
 
234,005
10,825
 
Netstreit Corp.
 
398,087
7,496
 
Sila Realty Trust, Inc.
 
520,252
12,320
 
Sunstone Hotel Investors, Inc.
 
696,175
6,273
 
UMH Properties, Inc.
 
439,029
6,335
 
 
 
71,958
 
Energy—6.6%
*
Expro Group Holdings NV
 
819,685
14,271
*
Gulfport Energy Corp.
 
74,414
15,744
*
Innovex International, Inc.
 
220,065
5,367
 
Matador Resources Co.
 
231,731
14,641
 
PBF Energy, Inc.
 
254,821
12,134
 
 
 
62,157
 
Health Care—4.9%
*
ANI Pharmaceuticals, Inc.
 
122,741
9,439
*
Catalyst Pharmaceuticals, Inc.
 
179,647
4,448
*
ICU Medical, Inc.
 
80,954
10,455
*
Innoviva, Inc.
 
215,354
5,018
*
Lantheus Holdings, Inc.
 
148,699
11,279
*
Progyny, Inc.
 
277,395
4,710
 
 
 
45,349
 
Materials—4.2%
 
Commercial Metals Co.
 
74,314
4,565
 
Eagle Materials Inc.
 
50,535
9,574
*
Ecovyst, Inc.
 
698,736
8,986
 
Greif, Inc.
 
34,688
2,326
*
IAMGOLD Corporation
 
339,688
6,393
See accompanying Notes to Portfolio of Investments.
15

Small Cap Value Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Sharesor
Principal
Amount
Value
 
Common Stocks—(continued)
 
Materials—(continued)
 
Silgan Holdings, Inc.
 
109,166
$4,236
*
Taseko Mines Limited
 
560,969
3,618
 
 
 
39,698
 
Utilities—3.7%
 
Northwest Natural Holding Company
 
222,883
11,862
 
Northwestern Energy Group, Inc.
 
159,893
10,543
 
Spire, Inc.
 
131,286
11,887
 
 
 
34,292
 
Communication Services—2.2%
*
CarGurus, Inc.
 
268,910
9,157
 
John Wiley & Sons, Inc.
 
306,150
11,664
 
 
 
20,821
 
Consumer Staples—1.1%
*
Central Garden & Pet Co.
 
140,557
4,557
 
Edgewell Personal Care Co.
 
257,422
5,493
 
 
 
10,050
 
Total Common Stocks97.2%
(cost $800,402)
 
909,287
 




 
 




 
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $25,181, collateralized by
U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $25,684
$
25,180
25,180
 
Total Repurchase Agreements2.7%
(cost $25,180)
 
25,180
 
Total Investments99.9%
(cost $825,582)
 
934,467
 
Cash and other assets,
less liabilities—0.1%
 
1,077
 
Net Assets—100.0%
 
$935,544

*
Non-income producing security
U.S. listed foreign security
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$909,287
$
$
$909,287
Repurchase Agreements
25,180
25,180
Total Investments in Securities
$909,287
$25,180
$
$934,467
See accompanying Notes to Portfolio of Investments.
16

Global Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Western Hemisphere—53.8%
 
 
Canada—1.0%
 
Agnico Eagle Mines Limited/Mines Agnico
Eagle Limitee
(Metals & Mining)
 
375
$76
 
Lundin Gold Inc.
(Metals & Mining)
 
778
60
 
 
 
136
 
United States—52.8%
 
Alphabet Inc.—Class A
(Interactive Media & Services)
 
2,055
591
*
Amazon.com, Inc.
(Broadline Retail)
 
2,390
498
 
Apple, Inc.
(Technology Hardware, Storage &
Peripherals)
 
1,464
372
 
Applied Materials, Inc.
(Semiconductors & Semiconductor
Equipment)
 
1,015
347
 
Broadcom, Inc.
(Semiconductors & Semiconductor
Equipment)
 
639
198
 
Cencora, Inc.
(Health Care Providers & Services)
 
771
242
 
CRH Public Limited Company
(Construction Materials)
 
1,186
125
*
DexCom, Inc.
(Health Care Equipment & Supplies)
 
3,558
223
 
Eli Lilly and Company
(Pharmaceuticals)
 
429
395
*
Figure Technology Solutions, Inc.
(Consumer Finance)
 
3,423
116
 
Graco Inc.
(Machinery)
 
2,091
177
 
Intuit Inc.
(Software)
 
177
76
*
Intuitive Surgical, Inc.
(Health Care Equipment & Supplies)
 
430
198
 
JPMorgan Chase & Co.
(Banks)
 
668
196
 
Mastercard Incorporated
(Financial Services)
 
771
385
 
Meta Platforms, Inc.
(Interactive Media & Services)
 
681
390
 
Microsoft Corporation
(Software)
 
1,335
494
*
Netflix, Inc.
(Entertainment)
 
1,734
167
 
NVIDIA Corporation
(Semiconductors & Semiconductor
Equipment)
 
5,025
876
*
ServiceNow, Inc.
(Software)
 
1,073
112
 
The Progressive Corporation
(Insurance)
 
872
173
 
TKO Group Holdings, Inc.
(Entertainment)
 
737
149
*
Uber Technologies, Inc.
(Road & Rail)
 
933
67
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Western Hemisphere—(continued)
 
 
United States—(continued)
 
UnitedHealth Group Incorporated
(Health Care Providers & Services)
 
379
$103
*
Vertex Pharmaceuticals Incorporated
(Biotechnology)
 
657
293
 
 
 
6,963
 
Total Western Hemisphere
 
7,099
 
Europe Ex-U.K.—15.9%
 
 
France—6.0%
 
Hermes International
(Textiles, Apparel & Luxury Goods)
 
87
165
 
Schneider Electric SE
(Electrical Equipment)
 
488
133
 
TotalEnergies SE
(Oil, Gas & Consumable Fuels)
 
5,321
488
 
 
 
786
 
Germany—1.0%
 
Rheinmetall AG
(Aerospace & Defense)
 
75
126
 
Ireland—1.3%
 
Linde Public Limited Company
(Chemicals)
 
334
166
 
Netherlands—2.3%
*
argenx SE—ADR
(Biotechnology)
 
424
310
 
Spain—3.4%
 
Banco Bilbao Vizcaya Argentaria S.A.
(Banks)
 
11,277
243
 
Iberdrola, S.A.
(Electric Utilities)
 
9,067
208
 
 
 
451
 
Switzerland—1.9%
 
Galderma Group AG
(Pharmaceuticals)
 
1,286
253
 
Total Europe Ex-U.K.
 
2,092
 
Emerging Asia—10.0%
 
 
China—3.0%
 
Tencent Holdings Limited
(Interactive Media & Services)
 
6,300
397
 
South Korea—2.3%
 
SK hynix Inc.
(Semiconductors & Semiconductor
Equipment)
 
547
310
 
Taiwan—4.7%
 
Taiwan Semiconductor Manufacturing
Company Limited—ADR
(Semiconductors & Semiconductor
Equipment)
 
1,815
614
 
Total Emerging Asia
 
1,321
 
United Kingdom—8.2%
 
 
3i Group PLC
(Capital Markets)
 
2,704
88
 
AstraZeneca PLC
(Pharmaceuticals)
 
866
169
 
BAE Systems PLC
(Aerospace & Defense)
 
4,875
143
See accompanying Notes to Portfolio of Investments.
17

Global Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Sharesor
Principal
Amount
Value
 
Common Stocks—(continued)
 
United Kingdom—(continued)
 
 
British American Tobacco P.L.C.
(Tobacco)
 
5,187
$301
 
Halma Public Limited Company
(Electronic Equipment, Instruments &
Components)
 
1,468
75
 
Lloyds Banking Group PLC
(Banks)
 
131,224
163
 
London Stock Exchange Group PLC
(Capital Markets)
 
1,232
145
 
Total United Kingdom
 
1,084
 
Japan—7.5%
 
 
Fujikura Ltd.
(Electrical Equipment)
 
4,200
116
 
Hitachi, Ltd.
(Industrial Conglomerates)
 
9,400
276
 
Ibiden Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
6,500
325
 
IHI Corporation
(Machinery)
 
7,700
159
 
Sumitomo Mitsui Financial Group, Inc.
(Banks)
 
3,600
118
 
Total Japan
 
994
 
Emerging Latin America—2.2%
 
 
Brazil—2.2%
 
Embraer S.A.
(Aerospace & Defense)
 
5,500
82
*
Nu Holdings Ltd.
(Banks)
 
14,070
202
 
Total Emerging Latin America
 
284
 
Total Common Stocks97.6%
(cost $12,003)
 
12,874
 




 
 




 
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $226, collateralized by U.S. Treasury
Note, 3.875%, due 03/31/2028, valued at
$231
$
226
226
 
Total Repurchase Agreements1.7%
(cost $226)
 
226
 
Total Investments99.3%
(cost $12,229)
 
13,100
 
Cash and other assets,
less liabilities0.7%
 
95
 
Net Assets100.0%
 
$13,195

ADR
American Depositary Receipt
PLC
Public Limited Company
*
Non-income producing security
U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
18

Global Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$8,473
$4,401
$
$12,874
Repurchase Agreements
226
226
Total Investments in Securities
$8,473
$4,627
$
$13,100
See accompanying Notes to Portfolio of Investments.
19

International Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Europe Ex-U.K.—32.1%
 
 
Belgium—1.8%
 
UCB SA
(Pharmaceuticals)
 
63,581
$19,157
 
France—5.5%
 
BNP Paribas
(Banks)
 
136,991
13,050
 
EssilorLuxottica
(Health Care Equipment & Supplies)
 
61,920
14,429
 
Safran SA
(Aerospace & Defense)
 
59,272
19,395
 
Vinci SA
(Construction & Engineering)
 
77,267
11,598
 
 
 
58,472
 
Germany—1.3%
 
Rheinmetall AG
(Aerospace & Defense)
 
7,946
13,403
 
Italy—6.8%
 
Enel SpA
(Electric Utilities)
 
2,176,541
23,796
 
Ferrari NV
(Automobiles)
 
25,838
8,745
 
Prysmian S.p.A.
(Electrical Equipment)
 
215,547
25,454
 
UniCredit S.p.A.
(Banks)
 
207,540
14,890
 
 
 
72,885
 
Netherlands—4.3%
*
argenx SE—ADR
(Biotechnology)
 
23,838
17,408
 
ASML Holding NV
(Semiconductors & Semiconductor
Equipment)
 
21,756
28,930
 
 
 
46,338
 
Spain—4.5%
 
Banco Bilbao Vizcaya Argentaria S.A.
(Banks)
 
976,621
21,095
 
Iberdrola, S.A.
(Electric Utilities)
 
1,166,866
26,714
 
 
 
47,809
 
Sweden—0.7%
*
Spotify Technology S.A.
(Entertainment)
 
15,199
7,370
 
Switzerland—7.2%
 
ABB Ltd.
(Electrical Equipment)
 
242,737
19,736
 
Galderma Group AG
(Pharmaceuticals)
 
92,905
18,259
 
Lonza Group AG
(Life Sciences Tools & Services)
 
19,676
12,623
 
Sandoz Group AG
(Pharmaceuticals)
 
332,127
26,022
 
 
 
76,640
 
Total Europe Ex-U.K.
 
342,074
 
Emerging Asia—26.2%
 
 
China—2.6%
 
Tencent Holdings Limited
(Interactive Media & Services)
 
438,300
27,645
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
India—4.1%
 
Bharat Electronics Ltd.
(Aerospace & Defense)
 
3,562,179
$15,280
 
Bharti Airtel Ltd.
(Wireless Telecommunication
Services)
 
1,035,907
19,761
 
ICICI Bank Ltd.
(Banks)
 
685,688
8,845
 
 
 
43,886
 
South Korea—9.3%
 
Samsung Electronics Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
430,634
50,368
 
SK hynix Inc.
(Semiconductors & Semiconductor
Equipment)
 
86,187
48,899
 
 
 
99,267
 
Taiwan—10.2%
 
Accton Technology Corp.
(Communications Equipment)
 
504,000
24,866
 
Hon Hai Precision Industry Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
4,621,000
28,247
 
Taiwan Semiconductor Manufacturing
Co. Ltd.
(Semiconductors & Semiconductor
Equipment)
 
947,000
54,769
 
 
 
107,882
 
Total Emerging Asia
 
278,680
 
Japan—13.4%
 
 
ASICS Corporation
(Textiles, Apparel & Luxury Goods)
 
604,500
16,252
 
Chugai Pharmaceutical Co., Ltd.
(Pharmaceuticals)
 
88,200
4,864
 
Fujikura Ltd.
(Electrical Equipment)
 
1,155,000
31,765
 
Hitachi, Ltd.
(Industrial Conglomerates)
 
773,500
22,691
 
IHI Corporation
(Machinery)
 
1,278,300
26,375
 
Sumitomo Electric Industries, Ltd.
(Auto Components)
 
236,600
13,444
 
Sumitomo Mitsui Financial Group, Inc.
(Banks)
 
844,200
27,757
 
Total Japan
 
143,148
 
United Kingdom—12.3%
 
 
3i Group PLC
(Capital Markets)
 
205,796
6,707
 
AstraZeneca PLC
(Pharmaceuticals)
 
153,389
29,994
 
BAE Systems PLC
(Aerospace & Defense)
 
734,317
21,529
 
Barclays PLC
(Banks)
 
3,126,539
16,363
 
Diploma PLC
(Trading Companies & Distributors)
 
106,127
8,474
See accompanying Notes to Portfolio of Investments.
20

International Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
United Kingdom—(continued)
 
 
Halma Public Limited Company
(Electronic Equipment, Instruments &
Components)
 
348,502
$17,784
 
London Stock Exchange Group PLC
(Capital Markets)
 
103,398
12,210
 
SSE PLC
(Electric Utilities)
 
505,150
17,462
 
Total United Kingdom
 
130,523
 
Asia Ex-Japan—5.7%
 
 
Hong Kong—3.7%
 
AIA Group Ltd.
(Insurance)
 
2,087,000
23,189
 
Hong Kong Exchanges & Clearing Ltd.
(Capital Markets)
 
318,900
16,088
 
 
 
39,277
 
Singapore—2.0%
 
Singapore Telecommunications Limited
(Diversified Telecommunication
Services)
 
5,563,300
21,421
 
Total Asia Ex-Japan
 
60,698
 
Emerging Latin America—5.4%
 
 
Brazil—2.6%
*
MercadoLibre, Inc.
(Broadline Retail)
 
7,406
12,805
*
Nu Holdings Ltd.
(Banks)
 
1,054,238
15,149
 
 
 
27,954
 
Chile—1.6%
 
Antofagasta PLC
(Metals & Mining)
 
371,188
16,646
 
Peru—1.2%
 
Credicorp Ltd.
(Banks)
 
39,618
13,438
 
Total Emerging Latin America
 
58,038
 
Western Hemisphere—3.2%
 
 
Canada—3.2%
 
Dollarama, Inc.
(Broadline Retail)
 
128,533
15,775
 
Lundin Gold Inc.
(Metals & Mining)
 
241,797
18,479
 
Total Western Hemisphere
 
34,254
 
Emerging Europe, Mid-East,
Africa—1.2%
 
 
United Arab Emirates—1.2%
 
Emaar Properties PJSC
(Real Estate Management &
Development)
 
3,755,100
12,288
 
Total Common Stocks99.5%
(cost $815,269)
 
1,059,703
 




Issuer
Principal
Amount




Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation,
1.150% dated 03/31/26, due 04/01/26,
repurchase price $4,708, collateralized
by U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $4,802
$
4,708
$4,708
 
Total Repurchase Agreements0.4%
(cost $4,708)
 
4,708
 
Total Investments99.9%
(cost $819,977)
 
1,064,411
 
Cash and other assets,
less liabilities0.1%
 
740
 
Net Assets100.0%
 
$1,065,151

ADR
American Depositary Receipt
PLC
Public Limited Company
U.S. listed foreign security
*
Non-income producing security
See accompanying Notes to Portfolio of Investments.
21

International Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$109,169
$950,534
$
$1,059,703
Repurchase Agreements
4,708
4,708
Total Investments in Securities
$109,169
$955,242
$
$1,064,411
See accompanying Notes to Portfolio of Investments.
22

International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Europe Ex-U.K.—35.1%
 
 
Austria—1.3%
 
BAWAG Group AG
(Banks)
 
32,150
$4,888
 
Erste Group Bank AG
(Banks)
 
59,308
6,407
 
voestalpine AG
(Metals & Mining)
 
42,146
1,870
 
 
 
13,165
 
Belgium—1.3%
 
D'ieteren Group
(Distributors)
 
10,419
1,929
 
UCB SA
(Pharmaceuticals)
 
27,337
8,237
 
Warehouses De Pauw NV/SA
(Industrial REITs)
 
95,283
2,482
 
 
 
12,648
 
Denmark—1.1%
 
DSV AS
(Air Freight & Logistics)
 
36,781
8,883
 
FLSmidth & Co. A/S
(Machinery)
 
25,862
1,959
 
 
 
10,842
 
Finland—0.5%
 
Metso OYJ
(Machinery)
 
263,358
4,564
 
France—4.9%
 
Airbus SE
(Aerospace & Defense)
 
32,052
6,060
*
Constellium SE
(Metals & Mining)
 
80,473
1,978
 
Dassault Aviation
(Aerospace & Defense)
 
6,723
2,502
 
Hermes International
(Textiles, Apparel & Luxury Goods)
 
3,077
5,829
 
Legrand
(Electrical Equipment)
 
45,713
7,102
 
Orange
(Diversified Telecommunication
Services)
 
259,278
5,316
 
Safran SA
(Aerospace & Defense)
 
23,134
7,570
 
Sartorius Stedim Biotech S.A.
(Life Sciences Tools & Services)
 
24,820
4,834
 
TotalEnergies SE
(Oil, Gas & Consumable Fuels)
 
86,073
7,899
 
 
 
49,090
 
Germany—3.8%
 
AIXTRON SE
(Semiconductors & Semiconductor
Equipment)
 
56,137
2,191
 
Allianz SE
(Insurance)
 
17,826
7,528
 
CTS Eventim AG & Co. KGaA
(Entertainment)
 
25,366
1,486
 
Deutsche Boerse Aktiengesellschaft
(Capital Markets)
 
31,863
9,334
 
flatexDEGIRO AG
(Capital Markets)
 
57,179
1,972
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Europe Ex-U.K.—(continued)
 
 
Germany—(continued)
 
MTU Aero Engines AG
(Aerospace & Defense)
 
20,480
$7,471
 
Siemens Energy AG
(Electrical Equipment)
 
50,417
8,694
 
 
 
38,676
 
Ireland—2.1%
 
AIB Group PLC
(Banks)
 
558,601
5,963
 
Kingspan Group PLC
(Building Products)
 
61,735
5,279
 
Linde Public Limited Company
(Chemicals)
 
15,211
7,541
 
Ryanair Holdings Public Limited
Company—ADR
(Airlines)
 
43,140
2,494
 
 
 
21,277
 
Israel—0.5%
*
Teva Pharmaceutical Industries
Limited—ADR
(Pharmaceuticals)
 
172,247
5,188
 
Italy—4.2%
 
Azimut Holding SpA
(Capital Markets)
 
76,470
2,906
 
Brunello Cucinelli SpA
(Textiles, Apparel & Luxury Goods)
 
17,509
1,530
 
Enel SpA
(Electric Utilities)
 
507,996
5,554
 
Intesa Sanpaolo S.p.A
(Banks)
 
1,042,292
6,304
 
Italgas S.p.A.
(Gas Utilities)
 
445,196
5,186
 
Lottomatica Group S.p.A.
(Hotels, Restaurants & Leisure)
 
89,181
2,575
 
Saipem S.p.A.
(Energy Equipment & Services)
 
1,125,636
5,150
*
Telecom Italia SpA
(Diversified Telecommunication
Services)
 
5,815,517
4,083
*
Telecom Italia SpA
(Diversified Telecommunication
Services)
 
5,947,733
0
 
UniCredit S.p.A.
(Banks)
 
125,269
8,987
 
 
 
42,275
 
Luxembourg—0.9%
 
Millicom International Cellular S.A.
(Wireless Telecommunication
Services)
 
49,450
3,706
 
Tenaris S.A.
(Energy Equipment & Services)
 
186,174
5,442
 
 
 
9,148
 
Netherlands—5.2%
*
argenx SE—ADR
(Biotechnology)
 
9,674
7,064
 
ASM International N.V.
(Semiconductors & Semiconductor
Equipment)
 
12,842
9,734
See accompanying Notes to Portfolio of Investments.
23

International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Europe Ex-U.K.—(continued)
 
 
Netherlands—(continued)
 
ASML Holding NV
(Semiconductors & Semiconductor
Equipment)
 
21,266
$28,279
 
BE Semiconductor Industries NV
(Semiconductors & Semiconductor
Equipment)
 
35,304
7,562
 
 
 
52,639
 
Norway—0.2%
 
Gjensidige Forsikring ASA
(Insurance)
 
57,820
1,512
 
Spain—2.5%
 
Banco Bilbao Vizcaya Argentaria S.A.
(Banks)
 
498,047
10,758
 
Bankinter SA
(Banks)
 
137,111
2,171
 
Iberdrola, S.A.
(Electric Utilities)
 
542,681
12,424
 
 
 
25,353
 
Sweden—1.4%
 
Atlas Copco AB
(Machinery)
 
412,985
7,288
 
Beijer Ref AB
(Trading Companies & Distributors)
 
148,135
2,054
*
Swedish Orphan Biovitrum AB
(Biotechnology)
 
124,443
5,215
 
 
 
14,557
 
Switzerland—5.2%
 
Galderma Group AG
(Pharmaceuticals)
 
55,055
10,820
 
Galenica AG
(Health Care Providers & Services)
 
25,999
2,960
 
Garrett Motion, Inc.
(Auto Components)
 
189,514
3,443
 
Lonza Group AG
(Life Sciences Tools & Services)
 
11,634
7,463
 
Novartis AG
(Pharmaceuticals)
 
49,506
7,599
 
Roche Holding AG
(Pharmaceuticals)
 
12,465
4,975
 
Sandoz Group AG
(Pharmaceuticals)
 
137,695
10,789
 
VAT Group AG
(Machinery)
 
7,490
4,673
 
 
 
52,722
 
Total Europe Ex-U.K.
 
353,656
 
Emerging Asia—20.6%
 
 
China—2.7%
 
Airtac International Group
(Machinery)
 
56,713
1,806
 
Fuyao Glass Industry Group Co. Ltd.
(Auto Components)
 
304,910
2,551
 
Ping An Insurance (Group) Company of
China, Ltd.
(Insurance)
 
583,000
4,483
 
Tencent Holdings Limited
(Interactive Media & Services)
 
285,400
18,001
 
 
 
26,841
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
India—3.4%
 
Apollo Hospitals Enterprise Ltd.
(Health Care Providers & Services)
 
17,738
$1,416
 
Bajaj Finance Limited
(Consumer Finance)
 
435,247
3,726
 
Bharat Electronics Ltd.
(Aerospace & Defense)
 
675,886
2,899
 
Bharti Airtel Ltd.
(Wireless Telecommunication
Services)
 
253,508
4,836
 
Eicher Motors Limited
(Automobiles)
 
64,541
4,530
 
GE Vernova T&D India Limited
(Electrical Equipment)
 
27,275
1,064
 
Hindustan Aeronautics Ltd.
(Aerospace & Defense)
 
55,849
2,069
 
Hitachi Energy India Ltd
(Electrical Equipment)
 
7,511
1,953
 
ICICI Bank Ltd.
(Banks)
 
228,458
2,947
 
Mahindra & Mahindra Ltd.
(Automobiles)
 
122,775
3,863
 
Max Healthcare Institute Ltd.
(Health Care Providers & Services)
 
175,722
1,799
 
Multi Commodity Exchange of India
Limited
(Capital Markets)
 
116,767
2,985
 
 
 
34,087
 
Philippines—0.3%
 
International Container Terminal
Services, Inc.
(Transportation Infrastructure)
 
287,060
3,254
 
South Korea—5.6%
 
HD Hyundai Co.,Ltd.
(Oil, Gas & Consumable Fuels)
 
30,047
5,039
*
Samsung Biologics Co.,Ltd.
(Life Sciences Tools & Services)
 
5,194
5,323
 
Samsung Electronics Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
178,938
20,929
 
SK hynix Inc.
(Semiconductors & Semiconductor
Equipment)
 
35,365
20,064
*
WuXi Biologics (Cayman) Inc.
(Life Sciences Tools & Services)
 
1,267,000
5,449
 
 
 
56,804
 
Taiwan—8.0%
 
Accton Technology Corp.
(Communications Equipment)
 
177,000
8,733
 
Ase Technology Holding Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
720,000
7,924
 
Asia Vital Components Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
88,000
5,812
See accompanying Notes to Portfolio of Investments.
24

International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
Taiwan—(continued)
 
Hon Hai Precision Industry Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
1,903,000
$11,633
 
Taiwan Semiconductor Manufacturing
Company Limited—ADR
(Semiconductors & Semiconductor
Equipment)
 
136,937
46,278
 
 
 
80,380
 
Thailand—0.6%
*
Fabrinet
(Electronic Equipment, Instruments &
Components)
 
11,651
6,076
 
Total Emerging Asia
 
207,442
 
Japan—15.3%
 
 
Asahi Intecc Co., Ltd.
(Health Care Equipment & Supplies)
 
130,800
2,793
 
ASICS Corporation
(Textiles, Apparel & Luxury Goods)
 
208,200
5,598
 
Chugai Pharmaceutical Co., Ltd.
(Pharmaceuticals)
 
177,000
9,761
 
Daifuku Co. Ltd.
(Machinery)
 
188,200
6,645
 
Disco Corp.
(Semiconductors & Semiconductor
Equipment)
 
21,900
8,926
 
East Japan Railway Company
(Road & Rail)
 
110,200
2,521
 
Hitachi, Ltd.
(Industrial Conglomerates)
 
247,900
7,272
 
Hoya Corp.
(Health Care Equipment & Supplies)
 
65,800
11,407
 
Ibiden Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
182,700
9,142
 
IHI Corporation
(Machinery)
 
569,300
11,746
 
Internet Initiative Japan, Inc.
(Diversified Telecommunication
Services)
 
84,100
1,306
 
Japan Elevator Service Holdings Co. Ltd.
(Commercial Services & Supplies)
 
156,400
1,617
 
Kurita Water Industries Ltd.
(Machinery)
 
41,100
1,966
 
Marubeni Corporation
(Trading Companies & Distributors)
 
212,000
7,755
 
MISUMI Group Inc.
(Machinery)
 
111,300
1,908
 
Mitsubishi Electric Corporation
(Electrical Equipment)
 
219,500
7,179
 
MonotaRO Co. Ltd.
(Trading Companies & Distributors)
 
242,300
2,627
 
Organo Corporation
(Machinery)
 
23,900
2,159
 
ORIX Corporation.
(Financial Services)
 
251,000
7,448
*
Rakuten Bank Ltd.
(Banks)
 
106,200
3,883
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Japan—(continued)
 
 
Sumitomo Electric Industries, Ltd.
(Auto Components)
 
199,600
$11,341
 
Sumitomo Mitsui Financial Group, Inc.
(Banks)
 
355,100
11,676
 
Tokio Marine Holdings, Inc.
(Insurance)
 
311,400
14,618
 
Tokyo Ohka Kogyo Co., Ltd.
(Chemicals)
 
50,600
2,476
 
Total Japan
 
153,770
 
United Kingdom—12.0%
 
 
3i Group PLC
(Capital Markets)
 
96,786
3,154
 
AstraZeneca PLC
(Pharmaceuticals)
 
99,900
19,534
 
BAE Systems PLC
(Aerospace & Defense)
 
415,664
12,187
 
Barclays PLC
(Banks)
 
1,204,863
6,306
 
British American Tobacco P.L.C.
(Tobacco)
 
139,221
8,083
 
BT Group PLC
(Diversified Telecommunication
Services)
 
1,750,751
4,907
 
Coca-Cola Europacific Partners PLC
(Beverages)
 
51,561
4,675
 
Compass Group PLC
(Hotels, Restaurants & Leisure)
 
229,317
6,398
 
Diploma PLC
(Trading Companies & Distributors)
 
103,536
8,267
 
Halma Public Limited Company
(Electronic Equipment, Instruments &
Components)
 
202,019
10,309
 
Hill & Smith PLC
(Metals & Mining)
 
45,329
1,271
 
Lloyds Banking Group PLC
(Banks)
 
6,167,454
7,644
 
London Stock Exchange Group PLC
(Capital Markets)
 
78,619
9,284
 
Rotork PLC
(Machinery)
 
757,343
3,149
 
Spirax-Sarco Engineering PLC
(Machinery)
 
22,898
2,054
 
SSE PLC
(Electric Utilities)
 
237,445
8,208
 
Weir Group PLC
(Machinery)
 
85,474
3,206
*
Zegona Communications plc
(Diversified Telecommunication
Services)
 
91,728
2,018
 
Total United Kingdom
 
120,654
 
Emerging Latin America—5.0%
 
 
Brazil—3.4%
*
Banco BTG Pactual SA
(Capital Markets)
 
747,400
8,122
 
Companhia de Saneamento Basico do
Estado de Sao Paulo - SABESP
(Water Utilities)
 
208,562
6,371
See accompanying Notes to Portfolio of Investments.
25

International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Latin
America—(continued)
 
 
Brazil—(continued)
 
Embraer S.A.
(Aerospace & Defense)
 
166,300
$2,471
 
Itau Unibanco Holding SA—ADR
(Banks)
 
900,502
7,546
*
MercadoLibre, Inc.
(Broadline Retail)
 
2,853
4,933
*
Nu Holdings Ltd.
(Banks)
 
329,800
4,739
 
 
 
34,182
 
Chile—0.5%
 
Antofagasta PLC
(Metals & Mining)
 
118,153
5,298
 
Mexico—0.8%
 
Arca Continental S.A.B. de C.V.
(Beverages)
 
129,000
1,486
 
Grupo Aeroportuario del Centro Norte
S.A.B. de C.V.
(Transportation Infrastructure)
 
117,500
1,686
 
Grupo Aeroportuario del Sureste S.A.B.
de C.V.—ADR
(Transportation Infrastructure)
 
6,039
2,030
*
Vista Energy, S.A.B. de C.V.—ADR
(Oil, Gas & Consumable Fuels)
 
42,007
3,170
 
 
 
8,372
 
Peru—0.3%
 
Credicorp Ltd.
(Banks)
 
7,810
2,649
 
Total Emerging Latin America
 
50,501
 
Western Hemisphere—4.4%
 
 
Canada—4.4%
 
Boyd Group Services, Inc.
(Commercial Services & Supplies)
 
7,561
965
 
Cameco Corporation
(Oil, Gas & Consumable Fuels)
 
27,969
3,038
 
CES Energy Solutions Corp.
(Energy Equipment & Services)
 
191,934
2,540
 
Intact Financial Corp.
(Insurance)
 
55,691
10,092
*
K92 Mining Inc.
(Metals & Mining)
 
156,978
2,664
 
Lundin Gold Inc.
(Metals & Mining)
 
90,030
6,880
*
MDA Space Ltd.
(Aerospace & Defense)
 
78,276
1,983
 
Peyto Exploration & Development Corp.
(Oil, Gas & Consumable Fuels)
 
153,341
2,996
 
Toromont Industries Ltd.
(Trading Companies & Distributors)
 
50,141
7,020
 
WSP Global Inc.
(Construction & Engineering)
 
37,067
5,769
 
Total Western Hemisphere
 
43,947
 
Emerging Europe, Mid-East,
Africa—4.0%
 
 
Greece—0.6%
 
National Bank of Greece S.A.
(Banks)
 
378,639
5,849
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Europe, Mid-East,
Africa—(continued)
 
 
South Africa—2.3%
 
Bid Corp. Ltd.
(Consumer Staples Distribution &
Retail)
 
141,373
$3,410
 
Capitec Bank Holdings Ltd.
(Banks)
 
12,255
3,011
 
FirstRand Limited
(Financial Services)
 
891,957
4,566
 
Gold Fields Limited
(Metals & Mining)
 
167,182
7,682
 
MTN Group Limited
(Wireless Telecommunication
Services)
 
364,375
4,255
 
 
 
22,924
 
United Arab Emirates—1.1%
 
Aldar Properties PJSC
(Real Estate Management &
Development)
 
907,698
1,962
 
Emaar Development PJSC
(Real Estate Management &
Development)
 
481,105
1,821
 
Emaar Properties PJSC
(Real Estate Management &
Development)
 
962,211
3,149
 
Emirates NBD Bank PJSC
(Banks)
 
644,477
4,856
 
 
 
11,788
 
Total Emerging Europe, Mid-East,
Africa
 
40,561
 
Asia Ex-Japan—1.3%
 
 
Australia—0.5%
 
Capricorn Metals Ltd
(Metals & Mining)
 
265,482
2,100
*
Lynas Rare Earths Limited
(Metals & Mining)
 
108,437
1,472
 
Steadfast Group Ltd.
(Insurance)
 
588,022
1,731
 
 
 
5,303
 
Hong Kong—0.8%
 
AIA Group Ltd.
(Insurance)
 
730,600
8,118
 
Total Asia Ex-Japan
 
13,421
 
Total Common Stocks97.7%
(cost $770,186)
 
983,952
See accompanying Notes to Portfolio of Investments.
26

International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Principal
Amount




Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation,
1.150% dated 03/31/26, due 04/01/26,
repurchase price $19,299, collateralized
by U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $19,685
$
19,299
$19,299
 
Total Repurchase Agreements1.9%
(cost $19,299)
 
19,299
 
Total Investments99.6%
(cost $789,485)
 
1,003,251
 
Cash and other assets,
less liabilities0.4%
 
3,645
 
Net Assets100.0%
 
$1,006,896

ADR
American Depositary Receipt
PLC
Public Limited Company
REITs
Real Estate Investment Trust
*
Non-income producing security
U.S. listed foreign security
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$171,517
$812,435
$
$983,952
Repurchase Agreements
19,299
19,299
Total Investments in Securities
$171,517
$831,734
$
$1,003,251
See accompanying Notes to Portfolio of Investments.
27

Institutional International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Europe Ex-U.K.—35.0%
 
 
Austria—1.3%
 
BAWAG Group AG
(Banks)
 
23,116
$3,514
 
Erste Group Bank AG
(Banks)
 
42,595
4,601
 
voestalpine AG
(Metals & Mining)
 
30,303
1,345
 
 
 
9,460
 
Belgium—1.3%
 
D'ieteren Group
(Distributors)
 
7,491
1,387
 
UCB SA
(Pharmaceuticals)
 
19,655
5,922
 
Warehouses De Pauw NV/SA
(Industrial REITs)
 
68,509
1,785
 
 
 
9,094
 
Denmark—1.1%
 
DSV AS
(Air Freight & Logistics)
 
26,446
6,387
 
FLSmidth & Co. A/S
(Machinery)
 
18,595
1,409
 
 
 
7,796
 
Finland—0.5%
 
Metso OYJ
(Machinery)
 
189,358
3,282
 
France—4.9%
 
Airbus SE
(Aerospace & Defense)
 
23,046
4,358
*
Constellium SE
(Metals & Mining)
 
57,766
1,420
 
Dassault Aviation
(Aerospace & Defense)
 
4,834
1,799
 
Hermes International
(Textiles, Apparel & Luxury Goods)
 
2,213
4,192
 
Legrand
(Electrical Equipment)
 
32,868
5,106
 
Orange
(Diversified Telecommunication
Services)
 
186,424
3,822
 
Safran SA
(Aerospace & Defense)
 
16,607
5,434
 
Sartorius Stedim Biotech S.A.
(Life Sciences Tools & Services)
 
17,846
3,476
 
TotalEnergies SE
(Oil, Gas & Consumable Fuels)
 
61,435
5,638
 
 
 
35,245
 
Germany—3.8%
 
AIXTRON SE
(Semiconductors & Semiconductor
Equipment)
 
40,300
1,573
 
Allianz SE
(Insurance)
 
12,817
5,413
 
CTS Eventim AG & Co. KGaA
(Entertainment)
 
18,239
1,068
 
Deutsche Boerse Aktiengesellschaft
(Capital Markets)
 
22,885
6,704
 
flatexDEGIRO AG
(Capital Markets)
 
41,112
1,418
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Europe Ex-U.K.—(continued)
 
 
Germany—(continued)
 
MTU Aero Engines AG
(Aerospace & Defense)
 
14,726
$5,372
 
Siemens Energy AG
(Electrical Equipment)
 
36,250
6,251
 
 
 
27,799
 
Ireland—2.1%
 
AIB Group PLC
(Banks)
 
401,194
4,283
 
Kingspan Group PLC
(Building Products)
 
44,388
3,795
 
Linde Public Limited Company
(Chemicals)
 
10,937
5,422
 
Ryanair Holdings Public Limited
Company—ADR
(Airlines)
 
30,984
1,791
 
 
 
15,291
 
Israel—0.5%
*
Teva Pharmaceutical Industries
Limited—ADR
(Pharmaceuticals)
 
123,649
3,724
 
Italy—4.2%
 
Azimut Holding SpA
(Capital Markets)
 
54,983
2,089
 
Brunello Cucinelli SpA
(Textiles, Apparel & Luxury Goods)
 
12,589
1,100
 
Enel SpA
(Electric Utilities)
 
365,255
3,993
 
Intesa Sanpaolo S.p.A
(Banks)
 
748,244
4,525
 
Italgas S.p.A.
(Gas Utilities)
 
320,101
3,729
 
Lottomatica Group S.p.A.
(Hotels, Restaurants & Leisure)
 
64,122
1,852
 
Saipem S.p.A.
(Energy Equipment & Services)
 
809,345
3,703
*
Telecom Italia SpA
(Diversified Telecommunication
Services)
 
4,181,420
2,936
*
Telecom Italia SpA
(Diversified Telecommunication
Services)
 
4,181,420
0
 
UniCredit S.p.A.
(Banks)
 
89,928
6,452
 
 
 
30,379
 
Luxembourg—0.9%
 
Millicom International Cellular S.A.
(Wireless Telecommunication Services)
 
35,555
2,664
 
Tenaris S.A.
(Energy Equipment & Services)
 
133,468
3,902
 
 
 
6,566
 
Netherlands—5.2%
*
argenx SE—ADR
(Biotechnology)
 
6,956
5,080
 
ASM International N.V.
(Semiconductors & Semiconductor
Equipment)
 
9,234
6,999
See accompanying Notes to Portfolio of Investments.
28

Institutional International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Europe Ex-U.K.—(continued)
 
 
Netherlands—(continued)
 
ASML Holding NV
(Semiconductors & Semiconductor
Equipment)
 
15,290
$20,332
 
BE Semiconductor Industries NV
(Semiconductors & Semiconductor
Equipment)
 
25,384
5,437
 
 
 
37,848
 
Norway—0.1%
 
Gjensidige Forsikring ASA
(Insurance)
 
41,573
1,087
 
Spain—2.5%
 
Banco Bilbao Vizcaya Argentaria S.A.
(Banks)
 
357,540
7,723
 
Bankinter SA
(Banks)
 
98,430
1,559
 
Iberdrola, S.A.
(Electric Utilities)
 
390,194
8,933
 
 
 
18,215
 
Sweden—1.4%
 
Atlas Copco AB
(Machinery)
 
296,941
5,240
 
Beijer Ref AB
(Trading Companies & Distributors)
 
106,511
1,477
*
Swedish Orphan Biovitrum AB
(Biotechnology)
 
89,476
3,750
 
 
 
10,467
 
Switzerland—5.2%
 
Galderma Group AG
(Pharmaceuticals)
 
39,520
7,767
 
Galenica AG
(Health Care Providers & Services)
 
18,693
2,128
 
Garrett Motion, Inc.
(Auto Components)
 
136,263
2,476
 
Lonza Group AG
(Life Sciences Tools & Services)
 
8,352
5,358
 
Novartis AG
(Pharmaceuticals)
 
35,538
5,455
 
Roche Holding AG
(Pharmaceuticals)
 
8,948
3,571
 
Sandoz Group AG
(Pharmaceuticals)
 
99,004
7,757
 
VAT Group AG
(Machinery)
 
5,386
3,360
 
 
 
37,872
 
Total Europe Ex-U.K.
 
254,125
 
Emerging Asia—20.5%
 
 
China—2.7%
 
Airtac International Group
(Machinery)
 
40,204
1,280
 
Fuyao Glass Industry Group Co. Ltd.
(Auto Components)
 
219,200
1,834
 
Ping An Insurance (Group) Company of
China, Ltd.
(Insurance)
 
419,500
3,226
 
Tencent Holdings Limited
(Interactive Media & Services)
 
205,200
12,942
 
 
 
19,282
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
India—3.4%
 
Apollo Hospitals Enterprise Ltd.
(Health Care Providers & Services)
 
12,754
$1,019
 
Bajaj Finance Limited
(Consumer Finance)
 
312,947
2,679
 
Bharat Electronics Ltd.
(Aerospace & Defense)
 
485,969
2,085
 
Bharti Airtel Ltd.
(Wireless Telecommunication Services)
 
182,275
3,477
 
Eicher Motors Limited
(Automobiles)
 
46,406
3,257
 
GE Vernova T&D India Limited
(Electrical Equipment)
 
19,573
763
 
Hindustan Aeronautics Ltd.
(Aerospace & Defense)
 
40,156
1,487
 
Hitachi Energy India Ltd
(Electrical Equipment)
 
5,384
1,400
 
ICICI Bank Ltd.
(Banks)
 
164,006
2,116
 
Mahindra & Mahindra Ltd.
(Automobiles)
 
88,277
2,778
 
Max Healthcare Institute Ltd.
(Health Care Providers & Services)
 
126,346
1,293
 
Multi Commodity Exchange of India
Limited
(Capital Markets)
 
83,706
2,140
 
 
 
24,494
 
Philippines—0.3%
 
International Container Terminal Services,
Inc.
(Transportation Infrastructure)
 
206,180
2,338
 
South Korea—5.6%
 
HD Hyundai Co.,Ltd.
(Oil, Gas & Consumable Fuels)
 
21,604
3,623
*
Samsung Biologics Co.,Ltd.
(Life Sciences Tools & Services)
 
3,735
3,828
 
Samsung Electronics Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
128,658
15,048
 
SK hynix Inc.
(Semiconductors & Semiconductor
Equipment)
 
25,399
14,411
*
WuXi Biologics (Cayman) Inc.
(Life Sciences Tools & Services)
 
911,000
3,918
 
 
 
40,828
 
Taiwan—7.9%
 
Accton Technology Corp.
(Communications Equipment)
 
128,000
6,315
 
Ase Technology Holding Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
517,000
5,690
 
Asia Vital Components Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
63,000
4,161
See accompanying Notes to Portfolio of Investments.
29

Institutional International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
Taiwan—(continued)
 
Hon Hai Precision Industry Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
1,368,000
$8,362
 
Taiwan Semiconductor Manufacturing
Company Limited—ADR
(Semiconductors & Semiconductor
Equipment)
 
98,270
33,211
 
 
 
57,739
 
Thailand—0.6%
*
Fabrinet
(Electronic Equipment, Instruments &
Components)
 
8,361
4,360
 
Total Emerging Asia
 
149,041
 
Japan—15.2%
 
 
Asahi Intecc Co., Ltd.
(Health Care Equipment & Supplies)
 
94,000
2,007
 
ASICS Corporation
(Textiles, Apparel & Luxury Goods)
 
149,700
4,025
 
Chugai Pharmaceutical Co., Ltd.
(Pharmaceuticals)
 
127,100
7,009
 
Daifuku Co. Ltd.
(Machinery)
 
135,400
4,781
 
Disco Corp.
(Semiconductors & Semiconductor
Equipment)
 
15,700
6,399
 
East Japan Railway Company
(Road & Rail)
 
79,200
1,812
 
Hitachi, Ltd.
(Industrial Conglomerates)
 
178,300
5,231
 
Hoya Corp.
(Health Care Equipment & Supplies)
 
47,300
8,200
 
Ibiden Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
131,300
6,570
 
IHI Corporation
(Machinery)
 
409,400
8,447
 
Internet Initiative Japan, Inc.
(Diversified Telecommunication
Services)
 
60,500
940
 
Japan Elevator Service Holdings Co. Ltd.
(Commercial Services & Supplies)
 
112,400
1,162
 
Kurita Water Industries Ltd.
(Machinery)
 
29,500
1,411
 
Marubeni Corporation
(Trading Companies & Distributors)
 
152,400
5,575
 
MISUMI Group Inc.
(Machinery)
 
80,000
1,371
 
Mitsubishi Electric Corporation
(Electrical Equipment)
 
157,800
5,161
 
MonotaRO Co. Ltd.
(Trading Companies & Distributors)
 
174,200
1,888
 
Organo Corporation
(Machinery)
 
17,200
1,554
 
ORIX Corporation.
(Financial Services)
 
180,500
5,356
*
Rakuten Bank Ltd.
(Banks)
 
76,400
2,793
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Japan—(continued)
 
 
Sumitomo Electric Industries, Ltd.
(Auto Components)
 
143,500
$8,154
 
Sumitomo Mitsui Financial Group, Inc.
(Banks)
 
255,000
8,385
 
Tokio Marine Holdings, Inc.
(Insurance)
 
223,600
10,496
 
Tokyo Ohka Kogyo Co., Ltd.
(Chemicals)
 
36,300
1,776
 
Total Japan
 
110,503
 
United Kingdom—11.9%
 
 
3i Group PLC
(Capital Markets)
 
69,589
2,268
 
AstraZeneca PLC
(Pharmaceuticals)
 
71,829
14,046
 
BAE Systems PLC
(Aerospace & Defense)
 
298,867
8,762
 
Barclays PLC
(Banks)
 
864,950
4,527
 
British American Tobacco P.L.C.
(Tobacco)
 
99,990
5,805
 
BT Group PLC
(Diversified Telecommunication
Services)
 
1,258,809
3,528
 
Coca-Cola Europacific Partners PLC
(Beverages)
 
37,073
3,361
 
Compass Group PLC
(Hotels, Restaurants & Leisure)
 
164,882
4,600
 
Diploma PLC
(Trading Companies & Distributors)
 
74,444
5,944
 
Halma Public Limited Company
(Electronic Equipment, Instruments &
Components)
 
145,254
7,413
 
Hill & Smith PLC
(Metals & Mining)
 
32,592
914
 
Lloyds Banking Group PLC
(Banks)
 
4,434,467
5,496
 
London Stock Exchange Group PLC
(Capital Markets)
 
56,528
6,675
 
Rotork PLC
(Machinery)
 
544,538
2,264
 
Spirax-Sarco Engineering PLC
(Machinery)
 
16,464
1,477
 
SSE PLC
(Electric Utilities)
 
170,536
5,895
 
Weir Group PLC
(Machinery)
 
61,457
2,305
*
Zegona Communications plc
(Diversified Telecommunication
Services)
 
65,954
1,451
 
Total United Kingdom
 
86,731
 
Emerging Latin America—5.0%
 
 
Brazil—3.4%
*
Banco BTG Pactual SA
(Capital Markets)
 
537,400
5,840
 
Companhia de Saneamento Basico do
Estado de Sao Paulo - SABESP
(Water Utilities)
 
146,627
4,479
See accompanying Notes to Portfolio of Investments.
30

Institutional International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Latin
America—(continued)
 
 
Brazil—(continued)
 
Embraer S.A.
(Aerospace & Defense)
 
119,600
$1,777
 
Itau Unibanco Holding SA—ADR
(Banks)
 
647,471
5,426
*
MercadoLibre, Inc.
(Broadline Retail)
 
2,051
3,546
*
Nu Holdings Ltd.
(Banks)
 
237,130
3,408
 
 
 
24,476
 
Chile—0.5%
 
Antofagasta PLC
(Metals & Mining)
 
84,953
3,810
 
Mexico—0.8%
 
Arca Continental S.A.B. de C.V.
(Beverages)
 
92,800
1,069
 
Grupo Aeroportuario del Centro Norte
S.A.B. de C.V.
(Transportation Infrastructure)
 
84,500
1,212
 
Grupo Aeroportuario del Sureste S.A.B. de
C.V.—ADR
(Transportation Infrastructure)
 
4,342
1,459
*
Vista Energy, S.A.B. de C.V.—ADR
(Oil, Gas & Consumable Fuels)
 
30,156
2,276
 
 
 
6,016
 
Peru—0.3%
 
Credicorp Ltd.
(Banks)
 
5,616
1,905
 
Total Emerging Latin America
 
36,207
 
Western Hemisphere—4.4%
 
 
Canada—4.4%
 
Boyd Group Services, Inc.
(Commercial Services & Supplies)
 
5,436
694
 
Cameco Corporation
(Oil, Gas & Consumable Fuels)
 
20,110
2,184
 
CES Energy Solutions Corp.
(Energy Equipment & Services)
 
138,003
1,826
 
Intact Financial Corp.
(Insurance)
 
39,980
7,245
*
K92 Mining Inc.
(Metals & Mining)
 
112,869
1,916
 
Lundin Gold Inc.
(Metals & Mining)
 
64,732
4,947
*
MDA Space Ltd.
(Aerospace & Defense)
 
56,189
1,423
 
Peyto Exploration & Development Corp.
(Oil, Gas & Consumable Fuels)
 
110,254
2,154
 
Toromont Industries Ltd.
(Trading Companies & Distributors)
 
36,052
5,047
 
WSP Global Inc.
(Construction & Engineering)
 
26,651
4,148
 
Total Western Hemisphere
 
31,584
 
Emerging Europe, Mid-East,
Africa—4.0%
 
 
Greece—0.6%
 
National Bank of Greece S.A.
(Banks)
 
272,245
4,206
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Europe, Mid-East,
Africa—(continued)
 
 
South Africa—2.3%
 
Bid Corp. Ltd.
(Consumer Staples Distribution &
Retail)
 
101,649
$2,452
 
Capitec Bank Holdings Ltd.
(Banks)
 
8,812
2,165
 
FirstRand Limited
(Financial Services)
 
641,327
3,283
 
Gold Fields Limited
(Metals & Mining)
 
120,206
5,524
 
MTN Group Limited
(Wireless Telecommunication Services)
 
261,990
3,059
 
 
 
16,483
 
United Arab Emirates—1.1%
 
Aldar Properties PJSC
(Real Estate Management &
Development)
 
652,645
1,411
 
Emaar Development PJSC
(Real Estate Management &
Development)
 
345,920
1,309
 
Emaar Properties PJSC
(Real Estate Management &
Development)
 
691,841
2,264
 
Emirates NBD Bank PJSC
(Banks)
 
463,386
3,491
 
 
 
8,475
 
Total Emerging Europe, Mid-East,
Africa
 
29,164
 
Asia Ex-Japan—1.3%
 
 
Australia—0.5%
 
Capricorn Metals Ltd
(Metals & Mining)
 
190,884
1,509
*
Lynas Rare Earths Limited
(Metals & Mining)
 
77,880
1,057
 
Steadfast Group Ltd.
(Insurance)
 
422,794
1,245
 
 
 
3,811
 
Hong Kong—0.8%
 
AIA Group Ltd.
(Insurance)
 
525,400
5,838
 
Total Asia Ex-Japan
 
9,649
 
Total Common Stocks97.3%
(cost $556,806)
 
707,004
See accompanying Notes to Portfolio of Investments.
31

Institutional International Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Principal
Amount




Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $16,645, collateralized by
U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $16,977
$
16,644
$16,644
 
Total Repurchase Agreements2.3%
(cost $16,644)
 
16,644
 
Total Investments99.6%
(cost $573,450)
 
723,648
 
Cash and other assets,
less liabilities0.4%
 
2,796
 
Net Assets100.0%
 
$726,444

ADR
American Depositary Receipt
PLC
Public Limited Company
REITs
Real Estate Investment Trust
*
Non-income producing security
U.S. listed foreign security
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$123,130
$583,874
$
$707,004
Repurchase Agreements
16,644
16,644
Total Investments in Securities
$123,130
$600,518
$
$723,648
See accompanying Notes to Portfolio of Investments.
32

International Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Europe Ex-U.K.—27.4%
 
 
Austria—0.5%
 
voestalpine AG
(Metals & Mining)
 
15,497
$688
 
Belgium—1.7%
 
D'ieteren Group
(Distributors)
 
6,952
1,287
 
Warehouses De Pauw NV/SA
(Industrial REITs)
 
35,331
921
 
 
 
2,208
 
Denmark—1.0%
 
FLSmidth & Co. A/S
(Machinery)
 
16,754
1,269
 
France—2.1%
*
Constellium SE
(Metals & Mining)
 
24,873
611
 
Dassault Aviation
(Aerospace & Defense)
 
5,419
2,017
 
 
 
2,628
 
Germany—2.8%
 
AIXTRON SE
(Semiconductors & Semiconductor
Equipment)
 
17,451
681
 
CTS Eventim AG & Co. KGaA
(Entertainment)
 
8,646
507
 
Eckert & Ziegler SE
(Health Care Equipment & Supplies)
 
28,427
490
 
flatexDEGIRO AG
(Capital Markets)
 
24,836
857
 
HENSOLDT AG
(Aerospace & Defense)
 
7,439
660
 
Schaeffler AG
(Auto Components)
 
42,396
354
 
 
 
3,549
 
Israel—0.5%
 
Next Vision Stabilized Systems Ltd.
(Electronic Equipment, Instruments &
Components)
 
7,328
713
 
Italy—6.0%
 
Azimut Holding SpA
(Capital Markets)
 
30,998
1,178
 
Brunello Cucinelli SpA
(Textiles, Apparel & Luxury Goods)
 
8,587
750
 
Carel Industries SpA
(Building Products)
 
36,350
931
 
Italgas S.p.A.
(Gas Utilities)
 
75,184
876
 
Lottomatica Group S.p.A.
(Hotels, Restaurants & Leisure)
 
26,790
773
 
Saipem S.p.A.
(Energy Equipment & Services)
 
260,011
1,190
 
SOL SpA
(Chemicals)
 
28,094
1,904
 
 
 
7,602
 
Jersey—0.5%
*
Rosebank Industries PLC
(Industrial Conglomerates)
 
147,395
617
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Europe Ex-U.K.—(continued)
 
 
Luxembourg—0.9%
 
Millicom International Cellular S.A.
(Wireless Telecommunication Services)
 
15,095
$1,131
 
Norway—2.0%
 
Europris ASA
(Broadline Retail)
 
70,439
666
 
Gjensidige Forsikring ASA
(Insurance)
 
34,876
912
 
Kitron ASA
(Electronic Equipment, Instruments &
Components)
 
100,932
974
 
 
 
2,552
 
Spain—1.1%
 
Almirall SA
(Pharmaceuticals)
 
53,008
752
 
Atalaya Mining Copper SA
(Metals & Mining)
 
63,222
602
 
 
 
1,354
 
Sweden—4.3%
 
AQ Group AB
(Electrical Equipment)
 
46,245
918
 
Beijer Ref AB
(Trading Companies & Distributors)
 
46,888
650
 
Bufab AB
(Trading Companies & Distributors)
 
155,757
1,737
*
Dynavox Group AB
(Technology Hardware, Storage &
Peripherals)
 
49,754
465
 
Lifco AB
(Industrial Conglomerates)
 
18,977
574
*
MedCap AB (publ)
(Life Sciences Tools & Services)
 
9,061
450
 
RaySearch Laboratories AB
(Health Care Technology)
 
32,402
662
 
 
 
5,456
 
Switzerland—4.0%
 
Galenica AG
(Health Care Providers & Services)
 
11,931
1,358
 
Garrett Motion, Inc.
(Auto Components)
 
40,905
743
 
Kardex Holding AG
(Machinery)
 
4,353
1,310
 
Medacta Group SA
(Health Care Equipment & Supplies)
 
6,480
1,225
 
Tecan Group AG
(Life Sciences Tools & Services)
 
2,782
474
 
 
 
5,110
 
Total Europe Ex-U.K.
 
34,877
 
Emerging Asia—21.0%
 
 
China—2.1%
 
Airtac International Group
(Machinery)
 
21,000
669
*
WuXi XDC Cayman Inc.
(Life Sciences Tools & Services)
 
106,000
804
 
Yutong Bus Co. Ltd.
(Machinery)
 
229,500
1,197
 
 
 
2,670
See accompanying Notes to Portfolio of Investments.
33

International Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
India—3.4%
 
AU Small Finance Bank Ltd.
(Banks)
 
105,032
$939
 
Cholamandalam Financial Holdings
Limited
(Consumer Finance)
 
28,895
420
 
GE Vernova T&D India Limited
(Electrical Equipment)
 
13,726
536
 
Gillette India Ltd.
(Personal Care Products)
 
1,586
122
*
GMR Airports Infrastructure Ltd.
(Transportation Infrastructure)
 
429,515
385
 
Hitachi Energy India Ltd
(Electrical Equipment)
 
2,838
738
 
Home First Finance Co. India Ltd.
(Financial Services)
 
43,183
419
 
KFin Technologies Ltd.
(Capital Markets)
 
75,265
701
 
 
 
4,260
 
South Korea—3.8%
 
DB Insurance Co., Ltd.
(Insurance)
 
4,966
557
 
Hansol Chemical Co., Ltd.
(Chemicals)
 
6,130
1,051
*
Hanwha Engine
(Machinery)
 
17,044
512
 
HD Hyundai Marine Solution Co., Ltd.
(Machinery)
 
6,217
768
*
HD-Hyundai Marine Engine Co., Ltd.
(Machinery)
 
12,760
607
 
JB Financial Group Co. Ltd.
(Banks)
 
42,392
870
 
ST Pharm Co., Ltd.
(Pharmaceuticals)
 
4,880
477
 
 
 
4,842
 
Taiwan—11.3%
 
Aspeed Technology Inc.
(Semiconductors & Semiconductor
Equipment)
 
4,000
1,379
 
Bizlink Holding Inc.
(Electrical Equipment)
 
17,000
976
 
Chroma ATE, Inc.
(Electronic Equipment, Instruments &
Components)
 
36,000
1,728
 
Fositek Corp.
(Electronic Equipment, Instruments &
Components)
 
20,000
1,159
 
Grand Process Technology Corporation
(Semiconductors & Semiconductor
Equipment)
 
12,000
1,080
 
Hon. Precision, Inc
(Semiconductors & Semiconductor
Equipment)
 
9,428
1,043
 
Innodisk Corp.
(Technology Hardware, Storage &
Peripherals)
 
42,000
1,155
 
Jentech Precision Industrial Co. Ltd.
(Semiconductors & Semiconductor
Equipment)
 
14,000
1,760
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
Taiwan—(continued)
 
Kinik Company
(Machinery)
 
48,000
$665
 
Marketech International Corp.
(Semiconductors & Semiconductor
Equipment)
 
72,000
638
 
Taiwan Union Technology Corporation
(Electronic Equipment, Instruments &
Components)
 
59,000
1,101
 
WinWay Technology Co. Ltd.
(Semiconductors & Semiconductor
Equipment)
 
7,000
1,656
 
 
 
14,340
 
Thailand—0.4%
 
Com7 PCL
(Specialty Retail)
 
799,000
535
 
Total Emerging Asia
 
26,647
 
Japan—18.7%
 
 
Anritsu Corporation
(Electronic Equipment, Instruments &
Components)
 
45,600
828
 
Asahi Intecc Co., Ltd.
(Health Care Equipment & Supplies)
 
66,300
1,416
 
C. Uyemura & Co., Ltd.
(Chemicals)
 
4,900
625
 
Fujimi Incorporated
(Chemicals)
 
27,900
491
 
Fukuoka Financial Group, Inc.
(Banks)
 
34,200
1,310
 
Fuso Chemical Co.,Ltd.
(Chemicals)
 
37,500
669
 
Integral Corporation
(Capital Markets)
 
34,200
695
 
Internet Initiative Japan, Inc.
(Diversified Telecommunication
Services)
 
52,700
819
 
Japan Elevator Service Holdings Co. Ltd.
(Commercial Services & Supplies)
 
108,100
1,118
 
JMDC Inc.
(Health Care Technology)
 
20,700
433
 
Katitas Co., Ltd
(Real Estate Management &
Development)
 
46,100
924
 
Koito Manufacturing Co., Ltd.
(Auto Components)
 
38,000
600
 
Kokusai Electric Corp.
(Semiconductors & Semiconductor
Equipment)
 
26,700
903
 
Kurita Water Industries Ltd.
(Machinery)
 
20,200
966
 
MISUMI Group Inc.
(Machinery)
 
34,300
588
 
MonotaRO Co. Ltd.
(Trading Companies & Distributors)
 
65,900
714
 
NIFCO INC.
(Auto Components)
 
20,200
573
 
Oracle Corporation Japan
(Software)
 
10,800
588
See accompanying Notes to Portfolio of Investments.
34

International Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Japan—(continued)
 
 
Organo Corporation
(Machinery)
 
15,000
$1,355
*
Rakuten Bank Ltd.
(Banks)
 
39,500
1,444
 
Rorze Corporation
(Semiconductors & Semiconductor
Equipment)
 
36,400
626
 
Shibaura Mechatronics Corporation
(Semiconductors & Semiconductor
Equipment)
 
30,700
816
 
SKY Perfect JSAT Holdings Inc.
(Media)
 
76,600
1,452
 
Sumitomo Rubber Industries, Ltd.
(Auto Components)
 
46,100
608
 
SWCC Corporation
(Electrical Equipment)
 
11,700
942
 
The Gunma Bank, Ltd.
(Banks)
 
46,500
620
 
Tokyo Ohka Kogyo Co., Ltd.
(Chemicals)
 
12,500
612
 
Tokyotokeiba Co., Ltd.
(Hotels, Restaurants & Leisure)
 
15,200
551
 
Totech Corporation
(Trading Companies & Distributors)
 
21,300
503
 
Total Japan
 
23,789
 
Emerging Latin America—8.7%
 
 
Brazil—1.2%
 
Cury Construtora e Incorporadora SA
(Household Durables)
 
96,800
661
 
Inter & Co, Inc.
(Banks)
 
111,329
887
 
 
 
1,548
 
Chile—0.5%
 
Enel Chile S.A.
(Electric Utilities)
 
7,955,712
614
 
Mexico—4.5%
 
Arca Continental S.A.B. de C.V.
(Beverages)
 
115,000
1,325
 
Grupo Aeroportuario del Centro Norte
S.A.B. de C.V.
(Transportation Infrastructure)
 
82,300
1,180
 
Grupo Aeroportuario del Sureste S.A.B. de
C.V.
(Transportation Infrastructure)
 
36,890
1,244
 
Prologis Property Mexico SA de CV REIT
(Industrial REITs)
 
317,667
1,387
 
Qualitas Controladora S.A.B. de C.V.
(Insurance)
 
68,500
657
 
 
 
5,793
 
Panama—0.7%
 
Banco Latinoamericano de Comercio
Exterior, S.A.
(Financial Services)
 
16,816
859
 
Peru—0.9%
 
Intercorp Financial Services Inc
(Banks)
 
23,071
1,158
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Latin
America—(continued)
 
 
United States—0.9%
 
Aura Minerals Inc.
(Metals & Mining)
 
13,936
$1,137
 
Total Emerging Latin America
 
11,109
 
Western Hemisphere—7.4%
 
 
Canada—7.4%
*
Aris Mining Corporation
(Metals & Mining)
 
56,030
1,040
 
Boyd Group Services, Inc.
(Commercial Services & Supplies)
 
6,918
883
 
CES Energy Solutions Corp.
(Energy Equipment & Services)
 
122,878
1,626
 
Definity Financial Corp.
(Insurance)
 
30,331
1,428
 
Exchange Income Corporation
(Airlines)
 
11,019
827
*
K92 Mining Inc.
(Metals & Mining)
 
64,498
1,095
*
MDA Space Ltd.
(Aerospace & Defense)
 
30,976
785
 
North West Co., Inc.
(Consumer Staples Distribution &
Retail)
 
16,963
665
 
Peyto Exploration & Development Corp.
(Oil, Gas & Consumable Fuels)
 
53,144
1,038
 
Total Western Hemisphere
 
9,387
 
United Kingdom—6.8%
 
 
CVS Group plc
(Health Care Providers & Services)
 
35,592
532
 
Diploma PLC
(Trading Companies & Distributors)
 
15,641
1,249
 
Hill & Smith PLC
(Metals & Mining)
 
41,324
1,158
 
QinetiQ Group PLC
(Aerospace & Defense)
 
105,680
640
 
Renishaw PLC
(Electronic Equipment, Instruments &
Components)
 
16,613
785
 
Rotork PLC
(Machinery)
 
333,322
1,386
 
Volution Group PLC
(Building Products)
 
165,191
1,251
*
Zegona Communications plc
(Diversified Telecommunication
Services)
 
76,720
1,688
 
Total United Kingdom
 
8,689
 
Emerging Europe, Mid-East,
Africa—5.4%
 
 
Greece—0.8%
 
JUMBO SA
(Specialty Retail)
 
42,093
1,072
See accompanying Notes to Portfolio of Investments.
35

International Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Europe, Mid-East,
Africa—(continued)
 
 
Poland—1.3%
 
Orange Polska Spolka Akcyjna
(Diversified Telecommunication
Services)
 
161,397
$617
*
Zabka Group
(Consumer Staples Distribution &
Retail)
 
173,670
1,039
 
 
 
1,656
 
South Africa—0.9%
 
AVI Limited
(Food Products)
 
97,608
599
 
OUTsurance Group Ltd.
(Insurance)
 
127,943
526
 
 
 
1,125
 
Turkey—1.6%
 
ASELSAN Elektronik Sanayi ve Ticaret
A.S.
(Aerospace & Defense)
 
202,296
1,455
 
Ford Otomotiv Sanayi A.S.
(Automobiles)
 
256,481
586
 
 
 
2,041
 
United Arab Emirates—0.8%
*
Abu Dhabi Ports Company PJSC
(Transportation Infrastructure)
 
473,710
512
 
Emaar Development PJSC
(Real Estate Management &
Development)
 
131,517
498
 
 
 
1,010
 
Total Emerging Europe, Mid-East,
Africa
 
6,904
 
Asia Ex-Japan—1.7%
 
 
Australia—1.7%
 
Capricorn Metals Ltd
(Metals & Mining)
 
103,116
815
*
Emerald Resources NL
(Metals & Mining)
 
123,262
473
 
Steadfast Group Ltd.
(Insurance)
 
308,981
910
 
Total Asia Ex-Japan
 
2,198
 
Total Common Stocks97.1%
(cost $105,618)
 
123,600
 




Issuer
Principal
Amount




Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $2,563, collateralized by
U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $2,614
$
2,563
$2,563
 
Total Repurchase Agreements2.0%
(cost $2,563)
 
2,563
 
Total Investments99.1%
(cost $108,181)
 
126,163
 
Cash and other assets,
less liabilities0.9%
 
1,090
 
Net Assets100.0%
 
$127,253

PLC
Public Limited Company
REIT
Real Estate Investment Trust
*
Non-income producing security
See accompanying Notes to Portfolio of Investments.
36

International Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$22,981
$100,619
$
$123,600
Repurchase Agreements
2,563
2,563
Total Investments in Securities
$22,981
$103,182
$
$126,163
See accompanying Notes to Portfolio of Investments.
37

Emerging Markets Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Emerging Asia—68.6%
 
 
China—17.9%
 
Alibaba Group Holding Ltd.
(Broadline Retail)
 
176,328
$2,764
 
Contemporary Amperex Technology Co.
Ltd.
(Electrical Equipment)
 
48,220
2,862
 
Fuyao Glass Industry Group Co. Ltd.
(Auto Components)
 
227,500
1,903
*
JD Health International Inc.
(Consumer Staples Distribution & Retail)
 
127,600
779
 
NetEase, Inc.
(Entertainment)
 
68,700
1,535
 
Ping An Insurance (Group) Company of
China, Ltd.
(Insurance)
 
144,800
1,203
 
Tencent Holdings Limited
(Interactive Media & Services)
 
63,900
4,030
*
WuXi XDC Cayman Inc.
(Life Sciences Tools & Services)
 
232,000
1,760
 
 
 
16,836
 
India—14.0%
 
Bajaj Finance Limited
(Consumer Finance)
 
154,075
1,319
 
Bharat Electronics Ltd.
(Aerospace & Defense)
 
369,100
1,583
 
Bharti Airtel Ltd.
(Wireless Telecommunication Services)
 
110,021
2,099
 
CG Power & Industrial Solutions Ltd.
(Electrical Equipment)
 
65,308
454
 
Eicher Motors Limited
(Automobiles)
 
13,266
931
 
GE Vernova T&D India Limited
(Electrical Equipment)
 
17,361
677
*
GMR Airports Infrastructure Ltd.
(Transportation Infrastructure)
 
1,214,894
1,087
 
HDFC Bank Ltd.
(Banks)
 
170,327
1,341
 
Macrotech Developers Ltd.
(Real Estate Management &
Development)
 
124,651
904
 
Marico Limited
(Food Products)
 
135,473
1,052
 
Max Healthcare Institute Ltd.
(Health Care Providers & Services)
 
87,166
892
*
Zomato Ltd.
(Hotels, Restaurants & Leisure)
 
345,817
852
 
 
 
13,191
 
Indonesia—1.9%
 
Bank Central Asia Tbk. PT
(Banks)
 
1,977,100
763
*
Grab Holdings Limited
(Road & Rail)
 
275,659
1,009
 
 
 
1,772
 
South Korea—13.8%
 
HD Hyundai Marine Solution Co., Ltd.
(Machinery)
 
9,354
1,155
 
HD Korea Shipbuilding & Offshore
Engineering Co., Ltd.
(Machinery)
 
3,564
826
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
South Korea—(continued)
 
Kakao Corp.
(Interactive Media & Services)
 
35,270
$1,089
*
Samsung Biologics Co.,Ltd.
(Life Sciences Tools & Services)
 
1,118
1,146
 
Samsung Electronics Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
43,272
5,061
 
SK hynix Inc.
(Semiconductors & Semiconductor
Equipment)
 
6,573
3,729
 
 
 
13,006
 
Taiwan—21.0%
 
Ase Technology Holding Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
119,000
1,310
 
Hon Hai Precision Industry Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
221,000
1,351
 
Taiwan Semiconductor Manufacturing Co.
Ltd.
(Semiconductors & Semiconductor
Equipment)
 
147,000
8,502
 
Taiwan Semiconductor Manufacturing
Company Limited—ADR
(Semiconductors & Semiconductor
Equipment)
 
22,621
7,645
 
Unimicron Technology Corp.
(Electronic Equipment, Instruments &
Components)
 
69,000
1,009
 
 
 
19,817
 
Total Emerging Asia
 
64,622
 
Emerging Europe, Mid-East,
Africa—13.8%
 
 
Czech Republic—0.8%
*
CSG N.V.
(Aerospace & Defense)
 
29,090
785
 
Greece—1.4%
 
Eurobank S.A.
(Banks)
 
340,826
1,364
 
Poland—2.0%
 
PKO Bank Polski S.A.
(Banks)
 
45,672
1,080
*
Zabka Group
(Consumer Staples Distribution & Retail)
 
141,452
847
 
 
 
1,927
 
South Africa—8.0%
 
AngloGold Ashanti plc
(Metals & Mining)
 
9,806
979
 
Capitec Bank Holdings Ltd.
(Banks)
 
3,929
965
 
Clicks Group Ltd.
(Consumer Staples Distribution & Retail)
 
40,108
691
 
FirstRand Limited
(Financial Services)
 
249,919
1,279
See accompanying Notes to Portfolio of Investments.
38

Emerging Markets Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Europe, Mid-East,
Africa—(continued)
 
 
South Africa—(continued)
 
Gold Fields Limited
(Metals & Mining)
 
30,001
$1,379
 
Naspers Limited
(Broadline Retail)
 
42,528
2,200
 
 
 
7,493
 
United Arab Emirates—1.6%
 
Aldar Properties PJSC
(Real Estate Management &
Development)
 
388,049
839
 
Emirates NBD Bank PJSC
(Banks)
 
84,679
638
 
 
 
1,477
 
Total Emerging Europe, Mid-East, Africa
 
13,046
 
Emerging Latin America—12.7%
 
 
Brazil—8.3%
 
Embraer S.A.
(Aerospace & Defense)
 
123,000
1,827
 
Inter & Co, Inc.
(Banks)
 
122,525
975
 
Itau Unibanco Holding SA—ADR
(Banks)
 
98,317
824
*
MercadoLibre, Inc.
(Broadline Retail)
 
392
678
*
Nu Holdings Ltd.
(Banks)
 
175,762
2,526
 
Telefonica Brasil S.A.
(Diversified Telecommunication Services)
 
131,000
1,043
 
 
 
7,873
 
Chile—1.3%
 
Antofagasta PLC
(Metals & Mining)
 
27,435
1,230
 
Mexico—3.1%
 
Grupo Financiero Banorte S.A.B. de C.V.
(Banks)
 
102,000
1,130
*
Vista Energy, S.A.B. de C.V.—ADR
(Oil, Gas & Consumable Fuels)
 
23,458
1,770
 
 
 
2,900
 
Total Emerging Latin America
 
12,003
 
Asia Ex-Japan—1.6%
 
 
Hong Kong—1.6%
 
AIA Group Ltd.
(Insurance)
 
133,600
1,484
 
Total Common Stocks96.7%
(cost $76,019)
 
91,155
 




Issuer
Principal
Amount




Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $1,797, collateralized by
U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $1,833
$
1,797
$1,797
 
Total Repurchase Agreements1.9%
(cost $1,797)
 
1,797
 
Total Investments98.6%
(cost $77,816)
 
92,952
 
Cash and other assets,
less liabilities1.4%
 
1,274
 
Net Assets100.0%
 
$94,226

ADR
American Depositary Receipt
PLC
Public Limited Company
*
Non-income producing security
See accompanying Notes to Portfolio of Investments.
39

Emerging Markets Leaders Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$20,212
$70,943
$
$91,155
Repurchase Agreements
1,797
1,797
Total Investments in Securities
$20,212
$72,740
$
$92,952
See accompanying Notes to Portfolio of Investments.
40

Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Emerging Asia—75.2%
 
 
China—17.5%
 
Airtac International Group
(Machinery)
 
72,000
$2,293
 
Alibaba Group Holding Ltd.
(Broadline Retail)
 
2,222,700
34,840
*
BeOne Medicines Ltd
(Biotechnology)
 
130,600
2,930
 
China Life Insurance Company Limited
(Insurance)
 
1,194,000
3,809
 
CMOC Group Limited
(Metals & Mining)
 
1,437,000
3,022
 
Contemporary Amperex Technology Co.
Ltd.
(Electrical Equipment)
 
251,471
14,923
 
Hansoh Pharmaceutical Group Company
Limited
(Pharmaceuticals)
 
644,000
2,948
*
JD Health International Inc.
(Consumer Staples Distribution &
Retail)
 
589,200
3,596
 
Jiangsu Hengli Hydraulic Co., Ltd.
(Machinery)
 
223,800
3,164
*
Jiangsu Hengrui Pharmaceuticals Co.,Ltd
(Pharmaceuticals)
 
397,000
3,306
*
MiniMax Group Inc.
(Software)
 
28,360
3,362
 
NetEase, Inc.
(Entertainment)
 
351,900
7,863
 
Neway Valve (Suzhou) Co., Ltd.
(Machinery)
 
421,300
2,989
 
Ping An Insurance (Group) Company of
China, Ltd.
(Insurance)
 
587,000
4,513
 
Shenzhen Inovance Technology Co. Ltd.
(Machinery)
 
271,900
2,672
 
Sieyuan Electric Co., Ltd.
(Electrical Equipment)
 
149,200
4,426
 
Tencent Holdings Limited
(Interactive Media & Services)
 
816,460
51,496
 
Weichai Power Co. Ltd.
(Machinery)
 
1,581,000
5,606
 
WUS Printed Circuit Kunshan Co. Ltd.
(Electronic Equipment, Instruments &
Components)
 
262,150
2,978
 
WuXi AppTec Co., Ltd.
(Life Sciences Tools & Services)
 
319,000
4,886
*
WuXi XDC Cayman Inc.
(Life Sciences Tools & Services)
 
468,000
3,550
 
Zijin Mining Group Company Limited
(Metals & Mining)
 
1,138,000
5,119
 
 
 
174,291
 
India—10.9%
 
Apollo Hospitals Enterprise Ltd.
(Health Care Providers & Services)
 
31,040
2,479
 
Ashok Leyland Limited
(Machinery)
 
1,643,434
2,703
 
Bajaj Finance Limited
(Consumer Finance)
 
647,884
5,547
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
India—(continued)
 
Bharat Electronics Ltd.
(Aerospace & Defense)
 
1,459,881
$6,262
 
Bharti Airtel Ltd.
(Wireless Telecommunication Services)
 
507,578
9,682
 
Cummins India Ltd.
(Machinery)
 
59,249
2,809
 
Eicher Motors Limited
(Automobiles)
 
62,374
4,378
 
GE Vernova T&D India Limited
(Electrical Equipment)
 
100,093
3,904
 
HDFC Asset Management Co. Ltd.
(Capital Markets)
 
134,946
3,167
 
Hindustan Aeronautics Ltd.
(Aerospace & Defense)
 
70,805
2,623
 
Hitachi Energy India Ltd
(Electrical Equipment)
 
14,967
3,892
 
ICICI Bank Ltd.
(Banks)
 
450,429
5,810
 
Larsen & Toubro Limited
(Construction & Engineering)
 
169,112
6,289
 
Mahindra & Mahindra Ltd.
(Automobiles)
 
102,307
3,219
 
Multi Commodity Exchange of India
Limited
(Capital Markets)
 
99,686
2,548
 
Polycab India Limited
(Electrical Equipment)
 
38,615
2,820
 
Radico Khaitan Ltd.
(Beverages)
 
65,148
1,803
 
Reliance Industries Ltd.
(Oil, Gas & Consumable Fuels)
 
769,439
11,102
 
Shriram Finance Limited
(Consumer Finance)
 
419,731
3,893
 
Solar Industries India Limited
(Chemicals)
 
22,143
2,828
 
State Bank of India
(Banks)
 
829,427
8,663
 
Titan Company Limited
(Textiles, Apparel & Luxury Goods)
 
70,106
2,948
 
Torrent Pharmaceuticals Limited
(Pharmaceuticals)
 
73,135
3,263
 
TVS Motor Co. Ltd.
(Automobiles)
 
110,343
3,961
 
UNO Minda Ltd.
(Auto Components)
 
210,507
2,301
 
 
 
108,894
 
Philippines—1.0%
 
BDO Unibank, Inc.
(Banks)
 
1,530,789
2,880
 
International Container Terminal Services,
Inc.
(Transportation Infrastructure)
 
618,890
7,017
 
 
 
9,897
 
South Korea—18.1%
 
Hanwha Aerospace Co. Ltd.
(Aerospace & Defense)
 
10,542
8,989
 
HD Hyundai Electric Co. Ltd.
(Electrical Equipment)
 
13,981
7,923
See accompanying Notes to Portfolio of Investments.
41

Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
South Korea—(continued)
 
HD Hyundai Heavy Industries Co., Ltd.
(Machinery)
 
21,356
$6,841
 
Hyosung Heavy Industries Corporation
(Electrical Equipment)
 
4,610
7,784
 
Hyundai Rotem Company
(Machinery)
 
28,584
3,292
 
KB Financial Group Inc.
(Banks)
 
93,545
9,183
 
Korea Investment Holdings Co., Ltd.
(Capital Markets)
 
30,804
4,298
 
LIG Nex1 Co., Ltd
(Aerospace & Defense)
 
7,378
3,045
 
LS Electric Co., Ltd
(Electrical Equipment)
 
11,969
5,982
*
Samsung Biologics Co.,Ltd.
(Life Sciences Tools & Services)
 
3,599
3,688
 
Samsung Electro-Mechanics Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
13,265
3,801
 
Samsung Electronics Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
387,400
45,311
 
SK hynix Inc.
(Semiconductors & Semiconductor
Equipment)
 
62,915
35,696
*
SK Square Co., Ltd.
(Industrial Conglomerates)
 
95,688
31,505
*
WuXi Biologics (Cayman) Inc.
(Life Sciences Tools & Services)
 
721,000
3,101
 
 
 
180,439
 
Taiwan—27.3%
 
Accton Technology Corp.
(Communications Equipment)
 
151,000
7,450
 
Ase Technology Holding Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
741,000
8,156
 
Asia Vital Components Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
140,000
9,247
 
Aspeed Technology Inc.
(Semiconductors & Semiconductor
Equipment)
 
37,300
12,857
 
Chroma ATE, Inc.
(Electronic Equipment, Instruments &
Components)
 
168,000
8,061
 
Delta Electronics, Inc.
(Electronic Equipment, Instruments &
Components)
 
465,000
20,967
 
Elite Material Co. Ltd.
(Electronic Equipment, Instruments &
Components)
 
95,000
8,108
 
Gold Circuit Electronics Ltd.
(Electronic Equipment, Instruments &
Components)
 
214,000
6,034
 
Hon. Precision, Inc
(Semiconductors & Semiconductor
Equipment)
 
43,371
4,799
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
Taiwan—(continued)
 
Jentech Precision Industrial Co. Ltd.
(Semiconductors & Semiconductor
Equipment)
 
36,000
$4,527
 
King Slide Works Co., Ltd.
(Technology Hardware, Storage &
Peripherals)
 
28,000
2,901
 
King Yuan Electronics Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
421,000
3,601
 
Taiwan Semiconductor Manufacturing
Co. Ltd.
(Semiconductors & Semiconductor
Equipment)
 
501,000
28,975
 
Taiwan Semiconductor Manufacturing
Company Limited—ADR
(Semiconductors & Semiconductor
Equipment)
 
398,817
134,780
 
Unimicron Technology Corp.
(Electronic Equipment, Instruments &
Components)
 
604,000
8,838
 
Wiwynn Corp.
(Technology Hardware, Storage &
Peripherals)
 
31,000
3,336
 
 
 
272,637
 
Thailand—0.4%
*
Fabrinet
(Electronic Equipment, Instruments &
Components)
 
7,571
3,948
 
Total Emerging Asia
 
750,106
 
Emerging Europe, Mid-East,
Africa—11.1%
 
 
Czech Republic—0.3%
 
Komercni banka, a.s.
(Banks)
 
60,209
3,072
 
Georgia—0.3%
 
Lion Finance Group PLC
(Banks)
 
26,472
3,286
 
Greece—1.8%
 
Eurobank S.A.
(Banks)
 
2,932,859
11,743
 
Piraeus Bank S.A.
(Banks)
 
803,033
6,598
 
 
 
18,341
 
Hungary—1.2%
 
OTP Bank Nyrt. PLC
(Banks)
 
107,598
11,537
 
Kazakhstan—0.3%
 
NAC Kazatomprom JSC
(Oil, Gas & Consumable Fuels)
 
38,785
3,063
 
Poland—0.3%
 
PKO Bank Polski S.A.
(Banks)
 
137,285
3,247
 
Qatar—0.3%
 
Qatar National Bank (Q.P.S.C.)
(Banks)
 
570,307
2,668
See accompanying Notes to Portfolio of Investments.
42

Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Europe, Mid-East,
Africa—(continued)
 
 
Romania—0.3%
 
Banca Transilvania SA
(Banks)
 
312,043
$2,540
 
Saudi Arabia—0.5%
 
The Saudi National Bank
(Banks)
 
440,863
4,977
 
South Africa—3.0%
 
AngloGold Ashanti plc
(Metals & Mining)
 
59,434
5,932
 
Capitec Bank Holdings Ltd.
(Banks)
 
57,136
14,038
 
Gold Fields Limited—ADR
(Metals & Mining)
 
102,462
4,652
 
MTN Group Limited
(Wireless Telecommunication Services)
 
432,623
5,051
 
 
 
29,673
 
Turkey—0.7%
 
ASELSAN Elektronik Sanayi ve Ticaret
A.S.
(Aerospace & Defense)
 
1,026,666
7,382
 
United Arab Emirates—2.1%
 
Abu Dhabi Islamic Bank PJSC
(Banks)
 
779,532
4,485
 
Aldar Properties PJSC
(Real Estate Management &
Development)
 
2,039,605
4,408
 
Emaar Properties PJSC
(Real Estate Management &
Development)
 
1,274,911
4,172
 
Emirates NBD Bank PJSC
(Banks)
 
811,449
6,113
 
Salik Co. PJSC
(Transportation Infrastructure)
 
1,465,235
2,061
 
 
 
21,239
 
Total Emerging Europe, Mid-East,
Africa
 
111,025
 
Emerging Latin America—10.3%
 
 
Brazil—5.4%
 
B3 S.A. Brasil, Bolsa, Balcao B3 S.A.
(Capital Markets)
 
2,362,300
8,391
*
Banco BTG Pactual SA
(Capital Markets)
 
1,225,100
13,313
 
Companhia de Saneamento Basico do
Estado de Sao Paulo - SABESP
(Water Utilities)
 
136,330
4,165
 
Cury Construtora e Incorporadora SA
(Household Durables)
 
343,000
2,343
 
Direcional Engenharia SA
(Household Durables)
 
720,700
1,850
 
Embraer S.A.
(Aerospace & Defense)
 
243,500
3,617
*
ENEVA S.A.
(Independent Power and Renewable
Electricity Producers)
 
893,700
4,234
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Latin
America—(continued)
 
 
Brazil—(continued)
 
Itau Unibanco Holding SA—ADR
(Banks)
 
1,628,820
$13,650
 
Telefonica Brasil S.A.
(Diversified Telecommunication
Services)
 
327,600
2,608
 
 
 
54,171
 
Chile—2.0%
 
Antofagasta PLC
(Metals & Mining)
 
149,058
6,684
 
Banco de Chile
(Banks)
 
35,073,936
6,366
 
Falabella S.A.
(Broadline Retail)
 
554,895
3,397
 
LATAM Airlines Group S.A.—ADR
(Airlines)
 
80,170
3,964
 
 
 
20,411
 
Mexico—1.4%
 
Fresnillo plc
(Metals & Mining)
 
68,146
3,021
 
Grupo Financiero Banorte S.A.B. de C.V.
(Banks)
 
728,400
8,065
 
Prologis Property Mexico SA de CV
REIT
(Industrial REITs)
 
643,325
2,808
 
 
 
13,894
 
Peru—1.5%
 
Credicorp Ltd.
(Banks)
 
25,979
8,812
 
Southern Copper Corporation
(Metals & Mining)
 
33,791
5,814
 
 
 
14,626
 
Total Emerging Latin America
 
103,102
 
Asia Ex-Japan—1.2%
 
 
Hong Kong—1.2%
 
Hong Kong Exchanges & Clearing Ltd.
(Capital Markets)
 
225,700
11,386
 
Europe Ex-U.K.—0.5%
 
 
Luxembourg—0.5%
 
Millicom International Cellular S.A.
(Wireless Telecommunication Services)
 
70,841
5,309
 
United Kingdom—0.4%
 
 
Airtel Africa PLC
(Wireless Telecommunication Services)
 
733,602
3,383
 
Western Hemisphere—0.3%
 
 
United States—0.3%
*
Laureate Education, Inc.
(Diversified Consumer Services)
 
89,524
3,119
 
Total Common Stocks99.0%
(cost $705,592)
 
987,430
See accompanying Notes to Portfolio of Investments.
43

Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Principal
Amount




Value
 
Repurchase Agreements
 
Fixed Income Clearing Corporation,
1.150% dated 03/31/26, due 04/01/26,
repurchase price $8,269, collateralized
by U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $8,434
$
8,269
$8,269
 
Total Repurchase Agreements0.8%
(cost $8,269)
 
8,269
 
Total Investments99.8%
(cost $713,861)
 
995,699
 
Cash and other assets,
less liabilities0.2%
 
2,191
 
Net Assets100.0%
 
$997,890

ADR
American Depositary Receipt
PLC
Public Limited Company
REIT
Real Estate Investment Trust
*
Non-income producing security
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$244,619
$742,811
$
$987,430
Repurchase Agreements
8,269
8,269
Total Investments in Securities
$244,619
$751,080
$
$995,699
See accompanying Notes to Portfolio of Investments.
44

Emerging Markets ex China Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Emerging Asia—70.7%
 
 
India—13.4%
 
Acutaas Chemicals Limited
(Pharmaceuticals)
 
10,379
$284
 
APL Apollo Tubes Ltd.
(Metals & Mining)
 
9,732
202
 
Ashok Leyland Limited
(Machinery)
 
149,251
245
 
Bajaj Finance Limited
(Consumer Finance)
 
49,695
425
 
Bharat Electronics Ltd.
(Aerospace & Defense)
 
132,027
566
 
Bharti Airtel Ltd.
(Wireless Telecommunication Services)
 
38,143
728
*
Billionbrains Garage Ventures Limited
(Capital Markets)
 
115,809
186
 
Cummins India Ltd.
(Machinery)
 
8,111
385
 
Eicher Motors Limited
(Automobiles)
 
4,386
308
 
GE Vernova T&D India Limited
(Electrical Equipment)
 
10,733
419
 
HDFC Asset Management Co. Ltd.
(Capital Markets)
 
10,014
235
 
Hindustan Aeronautics Ltd.
(Aerospace & Defense)
 
7,948
294
 
ICICI Bank Ltd.
(Banks)
 
35,555
459
 
Karur Vysya Bank Ltd.
(Banks)
 
79,406
245
 
KEI Industries Ltd.
(Electrical Equipment)
 
4,410
188
 
Mahindra & Mahindra Ltd.
(Automobiles)
 
9,200
290
 
Max Healthcare Institute Ltd.
(Health Care Providers & Services)
 
18,000
184
 
Multi Commodity Exchange of India
Limited
(Capital Markets)
 
8,575
219
 
National Aluminium Company Limited
(Metals & Mining)
 
52,346
217
 
Radico Khaitan Ltd.
(Beverages)
 
6,606
183
 
Reliance Industries Ltd.
(Oil, Gas & Consumable Fuels)
 
30,247
436
 
Shriram Finance Limited
(Consumer Finance)
 
24,707
229
 
State Bank of India
(Banks)
 
49,634
518
 
The Great Eastern Shipping Company
Limited
(Oil, Gas & Consumable Fuels)
 
8,498
128
 
Torrent Pharmaceuticals Limited
(Pharmaceuticals)
 
4,852
217
 
TVS Motor Co. Ltd.
(Automobiles)
 
9,722
349
 
 
 
8,139
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
Philippines—1.0%
 
International Container Terminal Services,
Inc.
(Transportation Infrastructure)
 
56,390
$639
 
South Korea—22.9%
 
Hanwha Aerospace Co. Ltd.
(Aerospace & Defense)
 
955
814
*
Hanwha Engine
(Machinery)
 
8,038
241
 
HD Hyundai Electric Co. Ltd.
(Electrical Equipment)
 
952
539
 
HD Hyundai Heavy Industries Co., Ltd.
(Machinery)
 
1,441
462
 
Hyosung Heavy Industries Corporation
(Electrical Equipment)
 
317
535
 
Hyundai Rotem Company
(Machinery)
 
1,995
230
 
KB Financial Group Inc.
(Banks)
 
7,371
724
 
Korea Investment Holdings Co., Ltd.
(Capital Markets)
 
1,329
185
 
LIG Nex1 Co., Ltd
(Aerospace & Defense)
 
581
240
 
LS Electric Co., Ltd
(Electrical Equipment)
 
786
393
*
Samsung Biologics Co.,Ltd.
(Life Sciences Tools & Services)
 
264
271
 
Samsung Electro-Mechanics Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
1,115
319
 
Samsung Electronics Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
36,620
4,283
 
SK hynix Inc.
(Semiconductors & Semiconductor
Equipment)
 
4,397
2,495
*
SK Square Co., Ltd.
(Industrial Conglomerates)
 
6,575
2,165
 
 
 
13,896
 
Taiwan—32.8%
 
Accton Technology Corp.
(Communications Equipment)
 
23,000
1,135
 
Ase Technology Holding Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
39,000
429
 
Asia Vital Components Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
8,000
528
 
Aspeed Technology Inc.
(Semiconductors & Semiconductor
Equipment)
 
2,000
689
 
Chroma ATE, Inc.
(Electronic Equipment, Instruments &
Components)
 
27,000
1,296
 
Compeq Manufacturing Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
39,000
313
See accompanying Notes to Portfolio of Investments.
45

Emerging Markets ex China Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
Taiwan—(continued)
 
Delta Electronics, Inc.
(Electronic Equipment, Instruments &
Components)
 
38,000
$1,713
 
Elite Material Co. Ltd.
(Electronic Equipment, Instruments &
Components)
 
8,000
683
 
Gold Circuit Electronics Ltd.
(Electronic Equipment, Instruments &
Components)
 
14,000
395
 
Hon Hai Precision Industry Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
181,000
1,106
 
Jentech Precision Industrial Co. Ltd.
(Semiconductors & Semiconductor
Equipment)
 
2,000
252
 
King Yuan Electronics Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
24,000
205
 
MediaTek, Inc.
(Semiconductors & Semiconductor
Equipment)
 
6,000
288
 
Taiwan Semiconductor Manufacturing Co.
Ltd.
(Semiconductors & Semiconductor
Equipment)
 
100,000
5,784
 
Taiwan Semiconductor Manufacturing
Company Limited—ADR
(Semiconductors & Semiconductor
Equipment)
 
14,251
4,816
 
Unimicron Technology Corp.
(Electronic Equipment, Instruments &
Components)
 
17,000
249
 
 
 
19,881
 
Thailand—0.6%
*
Fabrinet
(Electronic Equipment, Instruments &
Components)
 
663
346
 
Total Emerging Asia
 
42,901
 
Emerging Latin America—14.1%
 
 
Brazil—6.5%
 
B3 S.A. Brasil, Bolsa, Balcao B3 S.A.
(Capital Markets)
 
126,200
448
*
Banco BTG Pactual SA
(Capital Markets)
 
77,600
843
 
Companhia de Saneamento Basico do
Estado de Sao Paulo - SABESP
(Water Utilities)
 
10,734
328
 
Cury Construtora e Incorporadora SA
(Household Durables)
 
50,000
342
 
Embraer S.A.
(Aerospace & Defense)
 
15,700
233
*
ENEVA S.A.
(Independent Power and Renewable
Electricity Producers)
 
54,200
257
 
Itau Unibanco Holding SA—ADR
(Banks)
 
109,734
920
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Latin America—(continued)
 
 
Brazil—(continued)
*
Nu Holdings Ltd.
(Banks)
 
15,607
$224
 
Telefonica Brasil S.A.
(Diversified Telecommunication Services)
 
41,200
328
 
 
 
3,923
 
Chile—2.2%
 
Antofagasta PLC
(Metals & Mining)
 
12,128
544
 
Banco de Chile
(Banks)
 
1,490,592
270
 
Falabella S.A.
(Broadline Retail)
 
49,551
303
 
LATAM Airlines Group S.A.—ADR
(Airlines)
 
4,097
203
 
 
 
1,320
 
Mexico—2.4%
 
America Movil, S.A.B. de C.V.
(Wireless Telecommunication Services)
 
253,200
322
*
BBB Foods, Inc.
(Consumer Staples Distribution & Retail)
 
6,024
213
 
Corp. Inmobiliaria Vesta S.A.B. de C.V.
(Real Estate Management &
Development)
 
65,600
219
 
Gentera S.A.B. de C.V.
(Consumer Finance)
 
81,100
230
 
Grupo Financiero Banorte S.A.B. de C.V.
(Banks)
 
44,000
487
 
 
 
1,471
 
Panama—0.4%
 
Banco Latinoamericano de Comercio
Exterior, S.A.
(Financial Services)
 
5,172
264
 
Peru—1.4%
 
Credicorp Ltd.
(Banks)
 
1,756
595
 
Southern Copper Corporation
(Metals & Mining)
 
1,556
268
 
 
 
863
 
United States—1.2%
 
Aura Minerals Inc.
(Metals & Mining)
 
8,903
727
 
Total Emerging Latin America
 
8,568
 
Emerging Europe, Mid-East,
Africa—13.2%
 
 
Czech Republic—0.1%
*
CSG N.V.
(Aerospace & Defense)
 
2,772
75
 
Georgia—0.5%
 
Lion Finance Group PLC
(Banks)
 
2,240
278
 
Greece—2.6%
 
Eurobank S.A.
(Banks)
 
136,011
545
 
National Bank of Greece S.A.
(Banks)
 
16,115
249
See accompanying Notes to Portfolio of Investments.
46

Emerging Markets ex China Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Europe, Mid-East,
Africa—(continued)
 
 
Greece—(continued)
 
Optima bank SA
(Banks)
 
23,065
$227
 
Piraeus Bank S.A.
(Banks)
 
65,963
542
 
 
 
1,563
 
Hungary—1.0%
 
OTP Bank Nyrt. PLC
(Banks)
 
5,912
634
 
Kazakhstan—0.8%
 
NAC Kazatomprom JSC
(Oil, Gas & Consumable Fuels)
 
5,761
455
 
Poland—0.4%
 
PKO Bank Polski S.A.
(Banks)
 
11,125
263
 
Saudi Arabia—0.9%
 
Electrical Industries Company
(Electrical Equipment)
 
76,794
346
*
Rasan Information Technology Company
(Insurance)
 
6,069
220
 
 
 
566
 
South Africa—3.5%
 
Capitec Bank Holdings Ltd.
(Banks)
 
3,963
974
 
MTN Group Limited
(Wireless Telecommunication Services)
 
37,860
442
 
Pan African Resources PLC
(Metals & Mining)
 
273,733
507
 
Redefine Properties Limited
(Diversified REITs)
 
544,227
192
 
 
 
2,115
 
Turkey—0.9%
 
ASELSAN Elektronik Sanayi ve Ticaret
A.S.
(Aerospace & Defense)
 
74,433
535
 
United Arab Emirates—2.5%
 
Abu Dhabi Islamic Bank PJSC
(Banks)
 
62,094
357
 
Aldar Properties PJSC
(Real Estate Management &
Development)
 
157,039
340
 
Emaar Properties PJSC
(Real Estate Management &
Development)
 
108,228
354
 
Emirates NBD Bank PJSC
(Banks)
 
60,598
457
 
 
 
1,508
 
Total Emerging Europe, Mid-East, Africa
 
7,992
 
Europe Ex-U.K.—0.7%
 
 
Luxembourg—0.7%
 
Millicom International Cellular S.A.
(Wireless Telecommunication Services)
 
5,411
405
 
Issuer
Sharesor
Principal
Amount
Value
 
Common Stocks—(continued)
 
Western Hemisphere—0.5%
 
 
United States—0.5%
*
Laureate Education, Inc.
(Diversified Consumer Services)
 
8,973
$313
 
Total Common Stocks99.2%
(cost $44,942)
 
60,179
 




 
 




 
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $454, collateralized by U.S. Treasury
Note, 3.875%, due 03/31/2028, valued at
$463
$
454
454
 
Total Repurchase Agreements0.7%
(cost $454)
 
454
 
Total Investments99.9%
(cost $45,396)
 
60,633
 
Cash and other assets,
less liabilities0.1%
 
53
 
Net Assets100.0%
 
$60,686

ADR
American Depositary Receipt
PLC
Public Limited Company
REITs
Real Estate Investment Trust
*
Non-income producing security
U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
47

Emerging Markets ex China Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$13,633
$46,546
$
$60,179
Repurchase Agreements
454
454
Total Investments in Securities
$13,633
$47,000
$
$60,633
See accompanying Notes to Portfolio of Investments.
48

Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Emerging Asia—62.1%
 
 
China—9.9%
*
Asia - Potash International Investment
(Guangzhou) Co., Ltd.
(Chemicals)
 
350,800
$3,136
 
COSCO SHIPPING Energy Transportation
Co., Ltd.
(Oil, Gas & Consumable Fuels)
 
1,056,500
3,398
 
Dajin Heavy Industry Co., Ltd.
(Electrical Equipment)
 
377,100
3,831
 
Guizhou Chanhen Chemical Corporation
(Chemicals)
 
769,000
4,466
 
Harbin Electric Company Limited
(Electrical Equipment)
 
1,922,000
5,191
 
Hebei Huatong Wires and Cables Group
Co., Ltd
(Electrical Equipment)
 
354,000
2,443
 
Huaming Power Equipment Co. Ltd.
(Machinery)
 
702,962
2,789
 
Neway Valve (Suzhou) Co., Ltd.
(Machinery)
 
264,900
1,879
 
Shanghai Conant Optical Co., Ltd.
(Health Care Equipment & Supplies)
 
599,000
3,571
*
VNET Group, Inc.—ADR
(IT Services)
 
118,547
995
 
Wasion Holdings Limited
(Electronic Equipment, Instruments &
Components)
 
646,000
2,345
 
Zhejiang Sanmei Chemical Industry Co.,
Ltd.
(Chemicals)
 
434,100
3,935
 
 
 
37,979
 
India—16.3%
 
Acutaas Chemicals Limited
(Pharmaceuticals)
 
145,426
3,973
 
APL Apollo Tubes Ltd.
(Metals & Mining)
 
74,577
1,547
 
City Union Bank Limited
(Banks)
 
1,124,791
2,880
 
Force Motors Limited
(Machinery)
 
5,006
1,033
 
GE Vernova T&D India Limited
(Electrical Equipment)
 
145,463
5,674
 
Hitachi Energy India Ltd
(Electrical Equipment)
 
5,311
1,381
 
Indian Bank
(Banks)
 
235,617
2,121
 
Karur Vysya Bank Ltd.
(Banks)
 
1,854,374
5,722
 
KEI Industries Ltd.
(Electrical Equipment)
 
34,569
1,476
 
Kirloskar Oil Engines Limited
(Machinery)
 
146,068
2,074
*
MTAR Technologies Limited
(Machinery)
 
35,614
1,308
 
Multi Commodity Exchange of India
Limited
(Capital Markets)
 
130,553
3,337
 
Muthoot Finance Limited
(Consumer Finance)
 
40,281
1,366
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
India—(continued)
 
National Aluminium Company Limited
(Metals & Mining)
 
790,056
$3,269
 
Navin Fluorine International Limited
(Chemicals)
 
39,844
2,608
 
Netweb Technologies India Limited
(Technology Hardware, Storage &
Peripherals)
 
45,143
1,486
 
Nippon Life India Asset Management
Limited
(Capital Markets)
 
308,301
2,618
 
Quality Power Electrical Equipments
Limited
(Electrical Equipment)
 
295,045
2,548
*
SAI Life Sciences Limited
(Life Sciences Tools & Services)
 
192,969
1,985
 
Sansera Engineering Limited
(Auto Components)
 
57,184
1,264
 
Solar Industries India Limited
(Chemicals)
 
17,776
2,270
 
TD Power Systems Limited
(Electrical Equipment)
 
294,617
2,676
 
The Federal Bank Limited
(Banks)
 
670,259
1,858
 
Torrent Pharmaceuticals Limited
(Pharmaceuticals)
 
39,932
1,782
*
Ujjivan Small Finance Bank Limited
(Banks)
 
2,060,183
1,102
 
Union Bank of India Limited
(Banks)
 
659,230
1,154
 
Voltamp Transformers Limited
(Electrical Equipment)
 
18,788
1,745
 
 
 
62,257
 
Malaysia—2.2%
 
Alliance Bank Malaysia Berhad
(Banks)
 
1,420,600
1,692
 
IOI Properties Group Berhad
(Real Estate Management &
Development)
 
1,695,100
1,396
 
Malayan Cement Berhad
(Construction Materials)
 
677,000
1,016
 
Southern Cable Group Berhad
(Electrical Equipment)
 
829,800
373
 
Sunway Construction Group Berhad
(Construction & Engineering)
 
1,685,500
2,664
*
Tanco Holdings Berhad
(Industrial Conglomerates)
 
3,313,700
1,186
 
 
 
8,327
 
Pakistan—1.2%
 
Meezan Bank Limited
(Banks)
 
1,902,820
3,097
 
United Bank Limited
(Banks)
 
1,237,373
1,476
 
 
 
4,573
 
Philippines—0.3%
 
Apex Mining Co., Inc.
(Metals & Mining)
 
4,449,000
1,118
See accompanying Notes to Portfolio of Investments.
49

Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
South Korea—12.8%
 
APR Co.,Ltd.
(Personal Care Products)
 
16,904
$3,857
*
BHI Co., Ltd.
(Machinery)
 
48,896
3,092
 
BNK Financial Group, Inc.
(Banks)
 
325,818
3,951
 
Doosan Co., Ltd.
(Industrial Conglomerates)
 
4,906
3,563
 
EO Technics Co., Ltd
(Semiconductors & Semiconductor
Equipment)
 
4,951
1,309
 
Hankuk Carbon Co., Ltd.
(Chemicals)
 
54,571
1,446
 
Hansol Chemical Co., Ltd.
(Chemicals)
 
7,563
1,297
*
Hanwha Engine
(Machinery)
 
139,589
4,191
 
Hanwha Systems Co., Ltd.
(Aerospace & Defense)
 
23,622
1,850
*
HD-Hyundai Marine Engine Co., Ltd.
(Machinery)
 
20,038
954
 
Hyosung Corporation
(Industrial Conglomerates)
 
1,913
168
 
Hyosung Heavy Industries Corporation
(Electrical Equipment)
 
2,257
3,811
 
Iljin Electric Co., Ltd
(Electrical Equipment)
 
38,671
1,847
 
ISC Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
14,115
2,268
 
JB Financial Group Co. Ltd.
(Banks)
 
134,200
2,754
 
KIWOOM Securities Co., Ltd.
(Capital Markets)
 
6,164
1,744
 
Korea Investment Holdings Co., Ltd.
(Capital Markets)
 
12,141
1,694
 
LS Electric Co., Ltd
(Electrical Equipment)
 
10,333
5,165
*
Robotis Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
8,218
1,366
 
ST Pharm Co., Ltd.
(Pharmaceuticals)
 
13,345
1,304
 
Wonik IPS Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
14,717
1,095
 
 
 
48,726
 
Taiwan—18.2%
 
Acter Group Corporation Limited
(Construction & Engineering)
 
73,000
1,628
 
Aspeed Technology Inc.
(Semiconductors & Semiconductor
Equipment)
 
8,000
2,758
 
AURAS Technology Co. Ltd.
(Technology Hardware, Storage &
Peripherals)
 
40,000
1,151
 
C Sun Mfg. Ltd.
(Machinery)
 
245,000
3,247
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
Taiwan—(continued)
 
Chenbro Micom Co., Ltd.
(Technology Hardware, Storage &
Peripherals)
 
36,000
$1,008
 
Chunghwa Precision TestTech. Co., Ltd
(Electronic Equipment, Instruments &
Components)
 
19,000
1,921
 
Compeq Manufacturing Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
393,000
3,157
 
EZconn Corporation
(Communications Equipment)
 
24,000
1,517
*
FOCI Fiber Optic Communications, Inc.
(Communications Equipment)
 
207,368
3,780
 
Fortune Electric Co. Ltd.
(Electrical Equipment)
 
92,000
2,351
 
Fositek Corp.
(Electronic Equipment, Instruments &
Components)
 
71,000
4,115
 
Gold Circuit Electronics Ltd.
(Electronic Equipment, Instruments &
Components)
 
105,000
2,961
 
Grand Process Technology Corporation
(Semiconductors & Semiconductor
Equipment)
 
43,000
3,870
 
Innodisk Corp.
(Technology Hardware, Storage &
Peripherals)
 
87,000
2,391
 
Jentech Precision Industrial Co. Ltd.
(Semiconductors & Semiconductor
Equipment)
 
24,000
3,018
 
Kaori Heat Treatment Co. Ltd.
(Machinery)
 
38,000
1,064
 
Kinik Company
(Machinery)
 
135,000
1,871
 
L&K Engineering Co., Ltd.
(Commercial Services & Supplies)
 
144,000
2,466
 
Lotes Co. Ltd.
(Electronic Equipment, Instruments &
Components)
 
30,000
2,002
 
Marketech International Corp.
(Semiconductors & Semiconductor
Equipment)
 
120,000
1,064
 
Mega Union Technology Inc.
(Machinery)
 
77,000
1,862
 
MPI Corporation
(Semiconductors & Semiconductor
Equipment)
 
45,000
5,302
 
Nan Ya Printed Circuit Board Corporation
(Electronic Equipment, Instruments &
Components)
 
147,000
2,535
*
Powerchip Semiconductor Manufacturing
Corporation
(Semiconductors & Semiconductor
Equipment)
 
519,000
923
See accompanying Notes to Portfolio of Investments.
50

Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
Taiwan—(continued)
 
Taiwan Union Technology Corporation
(Electronic Equipment, Instruments &
Components)
 
365,000
$6,814
 
WinWay Technology Co. Ltd.
(Semiconductors & Semiconductor
Equipment)
 
19,000
4,494
 
 
 
69,270
 
Thailand—1.2%
 
Kiatnakin Phatra Bank Public Company
Limited
(Banks)
 
2,041,100
4,726
 
Total Emerging Asia
 
236,976
 
Emerging Europe, Mid-East,
Africa—18.6%
 
 
Czech Republic—0.9%
 
MONETA Money Bank, a. s.
(Banks)
 
389,660
3,397
 
Georgia—1.1%
 
Lion Finance Group PLC
(Banks)
 
32,981
4,093
 
Greece—3.0%
 
Cenergy Holdings SA
(Electrical Equipment)
 
108,608
2,389
 
GEK TERNA Holdings S.A.
(Construction & Engineering)
 
59,817
2,352
 
Motor Oil (Hellas) Corinth Refineries S.A.
(Oil, Gas & Consumable Fuels)
 
69,722
3,070
 
Optima bank SA
(Banks)
 
358,984
3,538
 
 
 
11,349
 
Kazakhstan—1.5%
 
JSC Halyk Bank
(Banks)
 
67,912
2,120
 
NAC Kazatomprom JSC
(Oil, Gas & Consumable Fuels)
 
47,707
3,767
 
 
 
5,887
 
Oman—0.4%
 
OQ Gas Networks SAOG
(Oil, Gas & Consumable Fuels)
 
2,465,463
1,725
 
Poland—1.2%
 
Enea Spolka Akcyjna
(Electric Utilities)
 
307,203
2,054
 
Orange Polska Spolka Akcyjna
(Diversified Telecommunication
Services)
 
705,857
2,699
 
 
 
4,753
 
Romania—0.4%
 
Digi Communications N.V.
(Diversified Telecommunication
Services)
 
48,137
1,478
 
Saudi Arabia—1.7%
 
Electrical Industries Company
(Electrical Equipment)
 
780,982
3,519
*
Rasan Information Technology Company
(Insurance)
 
77,817
2,824
 
 
 
6,343
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Europe, Mid-East,
Africa—(continued)
 
 
Slovenia—0.4%
 
Nova Ljubljanska banka d.d.
(Banks)
 
27,923
$1,372
 
South Africa—2.9%
 
DRDGOLD Limited
(Metals & Mining)
 
585,935
1,743
 
Hyprop Investments Limited
(Retail REITs)
 
367,681
1,178
 
JSE Limited
(Capital Markets)
 
148,972
1,415
 
Ninety One Limited
(Capital Markets)
 
384,859
1,168
 
Pan African Resources PLC
(Metals & Mining)
 
1,773,439
3,286
 
Resilient REIT Limited
(Retail REITs)
 
261,844
1,247
 
Vukile Property Fund Limited
(Retail REITs)
 
847,970
1,118
 
 
 
11,155
 
Turkey—3.2%
 
ASELSAN Elektronik Sanayi ve Ticaret
A.S.
(Aerospace & Defense)
 
462,715
3,327
 
Astor Transformator Enerji Turizm Insaat
Ve Petrol Sanayi Ticaret A.S.
(Electrical Equipment)
 
758,336
3,342
 
Emlak Konut Gayrimenkul Yatirim
Ortakligi A.S.
(Residential REITs)
 
3,553,900
1,535
 
Enka Insaat ve Sanayi Anonim Sirketi
(Construction & Engineering)
 
1,392,296
2,940
 
Turkiye Garanti Bankasi Anonim Sirketi
(Banks)
 
341,464
979
 
 
 
12,123
 
United Arab Emirates—1.9%
 
Air Arabia PJSC
(Airlines)
 
2,735,381
3,053
 
Dubai Investments PJSC
(Industrial Conglomerates)
 
757,946
792
 
Emaar Development PJSC
(Real Estate Management &
Development)
 
524,416
1,985
 
Sharjah Islamic Bank PJSC
(Banks)
 
1,445,203
1,279
 
 
 
7,109
 
Total Emerging Europe, Mid-East,
Africa
 
70,784
 
Emerging Latin America—14.5%
 
 
Argentina—0.4%
*
Corporacion America Airports S.A.
(Transportation Infrastructure)
 
67,837
1,716
 
Brazil—7.3%
 
ALLOS S.A.
(Real Estate Management &
Development)
 
534,600
3,131
See accompanying Notes to Portfolio of Investments.
51

Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Latin
America—(continued)
 
 
Brazil—(continued)
 
Companhia de Saneamento de Minas
Gerais COPASA MG
(Water Utilities)
 
78,900
$879
 
Companhia De Sanena Do Parana
(Water Utilities)
 
200,100
1,720
 
Cury Construtora e Incorporadora SA
(Household Durables)
 
980,000
6,694
 
Cyrela Brazil Realty SA Empreendimentos
e Participacoes
(Household Durables)
 
806,800
4,255
 
Direcional Engenharia SA
(Household Durables)
 
1,147,500
2,947
 
EZ TEC Empreendimentos e Participacoes
S/A
(Household Durables)
 
151,100
408
 
Multiplan Empreendimentos Imobiliarios
SA
(Real Estate Management &
Development)
 
281,700
1,730
*
Orizon Valorizacao de Residuos S.A.
(Commercial Services & Supplies)
 
451,800
6,225
 
 
 
27,989
 
Chile—1.6%
 
Banco Itau Chile SA
(Banks)
 
41,444
861
 
Inversiones La Construccion S.A.
(Financial Services)
 
95,851
2,008
 
Parque Arauco S.A.
(Real Estate Management &
Development)
 
320,227
1,307
 
Plaza S.A.
(Real Estate Management &
Development)
 
426,259
1,814
 
 
 
5,990
 
Mexico—1.7%
 
Gentera S.A.B. de C.V.
(Consumer Finance)
 
1,058,500
3,003
 
Grupo Aeroportuario del Centro Norte
S.A.B. de C.V.
(Transportation Infrastructure)
 
43,000
617
 
Promotora y Operadora de Infraestructura,
S.A.B. de C.V.
(Transportation Infrastructure)
 
170,005
2,754
 
 
 
6,374
 
Panama—0.8%
 
Banco Latinoamericano de Comercio
Exterior, S.A.
(Financial Services)
 
57,723
2,948
 
Peru—1.9%
 
Hochschild Mining PLC
(Metals & Mining)
 
209,581
1,677
 
Intercorp Financial Services Inc
(Banks)
 
109,594
5,501
 
 
 
7,178
 
Issuer
Sharesor
Principal
Amount
Value
 
Common Stocks—(continued)
 
Emerging Latin
America—(continued)
 
 
United States—0.8%
 
Aura Minerals Inc.
(Metals & Mining)
 
38,591
$3,149
 
Total Emerging Latin America
 
55,344
 
United Kingdom—1.6%
 
 
Airtel Africa PLC
(Wireless Telecommunication Services)
 
929,278
4,285
*
Helios Towers PLC
(Diversified Telecommunication
Services)
 
786,337
1,893
 
Total United Kingdom
 
6,178
 
Western Hemisphere—1.6%
 
 
United States—1.6%
*
Laureate Education, Inc.
(Diversified Consumer Services)
 
81,735
2,848
 
PriceSmart, Inc.
(Consumer Staples Distribution &
Retail)
 
20,330
3,060
 
Total Western Hemisphere
 
5,908
 
Total Common Stocks98.4%
(cost $336,317)
 
375,190
 
Preferred Stocks
 
Emerging Latin America—0.5%
 
 
Brazil—0.5%
 
Alpargatas S.A.
(Textiles, Apparel & Luxury Goods)
 
675,000
1,616
*
Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes
(Household Durables)
 
58,953
288
 
 
 
1,904
 
 
 
1,904
 
Total Preferred Stocks0.5%
(cost $2,126)
 
1,904
 




 
 




 
 
Repurchase Agreements
 
Fixed Income Clearing Corporation, 1.150%
dated 03/31/26, due 04/01/26, repurchase
price $850, collateralized by
U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $867
$
850
850
 
Total Repurchase Agreements0.2%
(cost $850)
 
850
 
Total Investments99.1%
(cost $339,293)
 
377,944
 
Cash and other assets,
less liabilities0.9%
 
3,360
 
Net Assets100.0%
 
$381,304

ADR
American Depositary Receipt
PLC
Public Limited Company
REIT
Real Estate Investment Trust
*
Non-income producing security
See accompanying Notes to Portfolio of Investments.
52

Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$60,570
$314,620
$
$375,190
Preferred Stocks
1,904
1,904
Repurchase Agreements
850
850
Total Investments in Securities
$62,474
$315,470
$
$377,944
See accompanying Notes to Portfolio of Investments.
53

China Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 




Issuer
Shares




Value
 
Common Stocks
 
Emerging Asia—96.2%
 
 
China—96.2%
 
Agricultural Bank of China Ltd.
(Banks)
 
61,000
$44
 
Alibaba Group Holding Ltd.
(Broadline Retail)
 
11,076
174
 
Aluminum Corporation of China Limited
(Metals & Mining)
 
10,000
15
 
Atour Lifestyle Holdings Ltd.—ADR
(Hotels, Restaurants & Leisure)
 
969
36
 
Bank of Ningbo Co. Ltd.
(Banks)
 
6,990
31
 
Beijing Huafeng Test& Control Technology
Co., Ltd.
(Semiconductors & Semiconductor
Equipment)
 
530
20
*
BeOne Medicines Ltd
(Biotechnology)
 
700
16
 
China Life Insurance Company Limited
(Insurance)
 
7,000
22
 
China Merchants Bank Co. Ltd.
(Banks)
 
7,000
44
 
China Shenhua Energy Co. Ltd.
(Oil, Gas & Consumable Fuels)
 
3,500
21
 
China Tungsten And Hightech Materials Co.,Ltd
(Metals & Mining)
 
2,800
20
 
CMOC Group Limited
(Metals & Mining)
 
9,000
19
 
Contemporary Amperex Technology Co. Ltd.
(Electrical Equipment)
 
1,640
97
 
COSCO SHIPPING Energy Transportation Co.,
Ltd.
(Oil, Gas & Consumable Fuels)
 
6,000
14
 
East Money Information Co.,Ltd.
(Capital Markets)
 
7,200
20
 
Eastroc Beverage Group Co. Ltd.
(Beverages)
 
490
15
 
ENN Natural Gas Co., Ltd.
(Gas Utilities)
 
4,700
15
 
Eoptolink Technology Inc., Ltd.
(Electronic Equipment, Instruments &
Components)
 
940
63
 
Foxconn Industrial Internet Co. Ltd.
(Electronic Equipment, Instruments &
Components)
 
4,300
33
 
Fuyao Glass Industry Group Co. Ltd.
(Auto Components)
 
3,800
29
 
GigaDevice Semiconductor Inc.
(Semiconductors & Semiconductor
Equipment)
 
1,200
43
 
Hansoh Pharmaceutical Group Company
Limited
(Pharmaceuticals)
 
4,000
18
 
Huaming Power Equipment Co. Ltd.
(Machinery)
 
8,200
32
 
Industrial and Commercial Bank of China
Limited
(Banks)
 
45,000
40
*
Innovent Biologics, Inc.
(Biotechnology)
 
1,500
16
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Emerging Asia—(continued)
 
 
China—(continued)
 
Jiangsu Hengli Hydraulic Co., Ltd.
(Machinery)
 
1,200
$17
 
Jiangsu Hengrui Pharmaceuticals Co.,Ltd
(Pharmaceuticals)
 
3,200
26
 
Jones Tech PLC
(Electronic Equipment, Instruments &
Components)
 
2,300
16
*
Knowledge Atlas Technology Joint Stock
Company Limited
(Software)
 
400
35
 
Laopu Gold Co., Ltd.
(Textiles, Apparel & Luxury Goods)
 
300
24
 
Mao Geping Cosmetics CO.,LTD.
(Personal Care Products)
 
1,300
13
*
MiniMax Group Inc.
(Software)
 
220
26
 
NetEase, Inc.
(Entertainment)
 
1,900
42
 
PICC Property and Casualty Company Limited
(Insurance)
 
14,000
26
 
Pop Mart International Group Ltd.
(Specialty Retail)
 
1,800
33
 
Shanghai Conant Optical Co., Ltd.
(Health Care Equipment & Supplies)
 
2,000
12
*
Shanghai Iluvatar CoreX Semiconductor Co.,
Ltd.
(Semiconductors & Semiconductor
Equipment)
 
400
11
 
Shengyi Technology Co.,Ltd.
(Electronic Equipment, Instruments &
Components)
 
4,100
33
 
Shenzhen Envicool Technology Co., Ltd.
(Machinery)
 
2,000
25
 
Shenzhen Inovance Technology Co. Ltd.
(Machinery)
 
4,100
40
 
Sieyuan Electric Co., Ltd.
(Electrical Equipment)
 
1,800
53
 
Tencent Holdings Limited
(Interactive Media & Services)
 
3,900
246
 
Victory Giant Technology (HuiZhou) Co., Ltd.
(Electronic Equipment, Instruments &
Components)
 
600
22
 
Weichai Power Co. Ltd.
(Machinery)
 
5,000
18
 
WUS Printed Circuit Kunshan Co. Ltd.
(Electronic Equipment, Instruments &
Components)
 
4,200
48
 
WuXi AppTec Co., Ltd.
(Life Sciences Tools & Services)
 
2,100
31
*
WuXi XDC Cayman Inc.
(Life Sciences Tools & Services)
 
2,000
15
 
Yutong Bus Co. Ltd.
(Machinery)
 
7,100
37
 
Zhongji Innolight Co. Ltd.
(Communications Equipment)
 
700
60
 
Zijin Mining Group Company Limited
(Metals & Mining)
 
14,000
63
 
Total Emerging Asia
 
1,869
See accompanying Notes to Portfolio of Investments.
54

China Growth Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Shares
Value
 
Common Stocks—(continued)
 
Asia Ex-Japan—2.9%
 
 
Hong Kong—2.9%
*
Futu Holdings Ltd.—ADR
(Capital Markets)
 
157
$22
 
Hong Kong Exchanges & Clearing Ltd.
(Capital Markets)
 
700
35
 
Total Asia Ex-Japan
 
57
 
Total Common Stocks99.1%
(cost $1,531)
 
1,926
 
Total Investments99.1%
(cost $1,531)
 
1,926
 
Cash and other assets,
less liabilities0.9%
 
18
 
Net Assets100.0%
 
$1,944

ADR
American Depositary Receipt
PLC
Public Limited Company
*
Non-income producing security
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Common Stocks
$145
$1,781
$
$1,926
See accompanying Notes to Portfolio of Investments.
55

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Principal
Amount
Value
 
Foreign Government Bonds—67.0%
 
Angola—1.1%
 
Angola Government International Bond,
9.125%, due 11/26/49
$
300
$260
 
Angolan Government International Bond,
 
 
8.250%, due 5/9/28
 
300
302
 
9.375%, due 3/31/33
 
300
295
 
 
 
857
 
Argentina—4.2%
 
Argentina Government Bond,
29.500%, due 5/30/30
ARS
620,000
483
 
Argentina Government International
Bond,
 
 
0.000%, due 12/15/35(a)
EUR
1,140
133
 
0.000%, due 12/15/35(a)
$
3,480
117
 
1.000%, due 7/9/29
 
102
89
 
1.750%, due 7/9/30(a)
 
893
748
 
4.250%, due 1/9/38(a)
EUR
350
299
 
4.875%, due 7/9/41(a)
$
920
615
 
5.000%, due 7/9/46(a)
 
1,072
736
 
 
 
3,220
 
Bahrain—1.9%
 
Bahrain Government International Bond,
 
 
4.250%, due 1/25/28
 
300
284
 
6.000%, due 9/19/44
 
750
604
 
6.750%, due 9/20/29
 
550
540
 
 
 
1,428
 
Barbados—0.7%
 
Barbados Government International Bond,
 
 
8.000%, due 6/26/35(b)
 
200
204
 
8.000%, due 6/26/35
 
300
306
 
 
 
510
 
Benin—0.3%
 
Benin Government International Bond,
6.875%, due 1/19/52
EUR
250
245
 
Bermuda—0.4%
 
Bermuda Government International Bond,
3.375%, due 8/20/50
$
500
342
 
Bosnia & Herzegovina—0.4%
 
Federation of Bosnia and Herzegovina,
5.500%, due 7/17/30(b)
EUR
250
298
 
Brazil—2.5%
 
Brazil Government International Bond,
 
 
4.750%, due 1/14/50
$
1,150
829
 
7.250%, due 1/12/56
 
300
294
 
Brazil Letras do Tesouro Nacional,
0.010%, due 1/1/32
BRL
7,400
676
 
Brazil Notas do Tesouro Nacional,
10.000%, due 1/1/33
 
610
99
 
 
 
1,898
 
Bulgaria—0.4%
 
Bulgaria Government International Bond,
3.500%, due 5/7/34
EUR
300
339
 
Cameroon—0.4%
 
Cameroon Government International
Bond,
5.950%, due 7/7/32
 
300
298
 
Issuer
Principal
Amount
Value
 
Foreign Government Bonds—(continued)
 
Chile—1.2%
 
Chile Government International Bond,
2.550%, due 7/27/33
$
1,100
$939
 
Colombia—2.6%
 
Colombia Government International
Bond,
 
 
4.125%, due 2/22/42
 
600
404
 
4.125%, due 5/15/51
 
450
273
 
5.200%, due 5/15/49
 
290
208
 
Colombia Treasury Bond,
7.250%, due 10/26/50
COP
3,250,000
514
 
Colombian TES,
12.500%, due 2/27/30
 
2,350,000
608
 
 
 
2,007
 
Costa Rica—0.4%
 
Costa Rica International Bond,
7.300%, due 11/13/54
$
250
271
 
Dominican Republic—1.5%
 
Dominican Republic International Bond,
 
 
4.875%, due 9/23/32
 
300
277
 
5.875%, due 1/30/60
 
200
167
 
6.150%, due 5/17/38
 
300
283
 
10.500%, due 3/15/37(b)
DOP
25,000
427
 
 
 
1,154
 
Ecuador—2.6%
 
Ecuador Government International Bond,
 
 
0.010%, due 7/31/30
$
450
376
 
6.900%, due 7/31/35(a)
 
220
193
 
6.900%, due 7/31/40(a)
 
1,800
1,402
 
 
 
1,971
 
Egypt—2.5%
 
Egypt Government International Bond,
 
 
5.625%, due 4/16/30
EUR
400
432
 
5.800%, due 9/30/27
$
900
886
 
7.500%, due 2/16/61
 
800
608
 
 
 
1,926
 
El Salvador—0.7%
 
El Salvador Government International
Bond,
 
 
0.250%, due 4/17/30(b)
 
200
8
 
0.250%, due 4/17/30
 
3,055
112
 
7.125%, due 1/20/50
 
445
378
 
 
 
498
 
Gabon—0.8%
 
Gabon Government International Bond,
7.000%, due 11/24/31
 
700
579
 
Ghana—1.4%
 
Ghana Government International Bond,
 
 
0.000%, due 7/3/26(b)
 
100
98
 
6.000%, due 7/3/29(a),(b)
 
228
217
 
6.000%, due 7/3/35(a)
 
900
765
 
 
 
1,080
 
Guatemala—1.5%
 
Guatemala Government Bond,
6.550%, due 2/6/37
 
290
301
See accompanying Notes to Portfolio of Investments.
56

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Principal
Amount
Value
 
Foreign Government Bonds—(continued)
 
Guatemala—(continued)
 
Guatemala Government International
Bond,
 
 
3.700%, due 10/7/33
$
800
$698
 
4.650%, due 10/7/41
 
200
168
 
 
 
1,167
 
Hungary—2.2%
 
Hungary Government International Bond,
 
 
1.500%, due 11/17/50
EUR
200
115
 
3.125%, due 9/21/51
$
700
413
 
4.000%, due 4/28/51
HUF
385,000
739
 
6.125%, due 5/22/28
$
400
409
 
 
 
1,676
 
Indonesia—1.4%
 
Indonesia Government International
Bond,
 
 
3.850%, due 10/15/30
 
200
191
 
4.750%, due 9/10/34
 
450
433
 
4.900%, due 4/16/36
 
200
191
 
Perusahaan Penerbit SBSN Indonesia III,
4.700%, due 6/6/32
 
280
275
 
 
 
1,090
 
Ivory Coast—0.6%
 
Ivory Coast Government International
Bond,
 
 
6.625%, due 3/22/48
EUR
300
299
 
6.750%, due 2/25/41
$
200
175
 
 
 
474
 
Jamaica—0.6%
 
Jamaica Government International Bond,
9.625%, due 11/3/30
JMD
67,500
448
 
Kazakhstan—0.4%
 
Kazakhstan Government Bond,
12.000%, due 2/22/31
KZT
175,000
322
 
Kenya—0.5%
 
Kenya Government International Bond,
6.300%, due 1/23/34
$
250
207
 
Republic of Kenya Government
International Bond,
8.700%, due 2/26/39
 
200
181
 
 
 
388
 
Kyrgyzstan—0.7%
 
Kyrgyzstan Government Bond,
7.750%, due 6/3/30(b)
 
550
548
 
Laos—0.3%
 
Laos Government International Bond,
11.250%, due 11/12/30(b)
 
200
204
 
Lebanon—0.5%
 
Lebanon Government International Bond,
 
 
6.600%, due 11/27/26(c)
 
300
71
 
8.200%, due 5/17/33(c)
 
1,260
301
 
 
 
372
 
Issuer
Principal
Amount
Value
 
Foreign Government Bonds—(continued)
 
Mexico—1.9%
 
Mexico Goverment Bond,
 
 
3.750%, due 4/19/71
$
2,050
$1,175
 
7.750%, due 11/13/42
MXN
5,400
250
 
 
 
1,425
 
Mongolia—0.8%
 
Mongolia Government International
Bond,
 
 
3.500%, due 7/7/27
$
450
436
 
6.625%, due 2/25/30
 
200
203
 
 
 
639
 
Montenegro—0.4%
 
Montenegro Government International
Bond,
7.250%, due 3/12/31
 
300
311
 
Morocco—0.9%
 
Morocco Government International Bond,
 
 
3.000%, due 12/15/32
 
600
514
 
4.000%, due 12/15/50
 
200
138
 
 
 
652
 
Nigeria—2.2%
 
Nigeria Government International Bond,
7.625%, due 11/28/47
 
1,400
1,274
 
Nigeria OMO Bill,
0.000%, due 7/14/26
NGN
570,000
389
 
 
 
1,663
 
North Macedonia—0.4%
 
North Macedonia Government
International Bond,
4.750%, due 1/21/34
EUR
300
328
 
Oman—2.0%
 
Oman Government International Bond,
6.750%, due 1/17/48
$
1,450
1,512
 
Pakistan—1.4%
 
Pakistan Government International Bond,
 
 
6.000%, due 4/8/26
 
200
200
 
6.875%, due 12/5/27
 
500
493
 
Pakistan Treasury Bills,
0.000%, due 10/29/26
PKR
110,000
369
 
 
 
1,062
 
Panama—1.2%
 
Panama Government International Bond,
 
 
2.252%, due 9/29/32
$
200
164
 
3.870%, due 7/23/60
 
830
539
 
5.662%, due 2/23/38
 
200
192
 
 
 
895
 
Paraguay—1.4%
 
Paraguay Government International Bond,
 
 
5.400%, due 3/30/50
 
950
846
 
8.500%, due 3/4/35(b)
PYG
1,250,000
191
 
 
 
1,037
 
Peru—1.7%
 
Peru Government International Bond,
 
 
2.783%, due 1/23/31
$
260
237
See accompanying Notes to Portfolio of Investments.
57

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Principal
Amount
Value
 
Foreign Government Bonds—(continued)
 
Peru—(continued)
 
3.230%, due 7/28/21
$
930
$496
 
Peruvian Government International Bond,
3.000%, due 1/15/34
 
650
556
 
 
 
1,289
 
Philippines—1.3%
 
Philippines Government International
Bond,
 
 
1.648%, due 6/10/31
 
250
214
 
3.700%, due 2/2/42
 
700
557
 
5.500%, due 2/4/35
 
200
202
 
 
 
973
 
Poland—1.2%
 
Poland Government International Bond,
 
 
5.125%, due 9/18/34
 
400
401
 
5.500%, due 4/4/53
 
350
322
 
5.500%, due 3/18/54
 
200
184
 
 
 
907
 
Romania—2.4%
 
Romania Government International Bond,
 
 
2.875%, due 4/13/42
EUR
530
383
 
5.250%, due 11/25/27
$
400
400
 
5.625%, due 2/22/36(b)
EUR
550
609
 
5.625%, due 5/30/37(b)
 
150
163
 
Romanian Government International
Bond,
4.625%, due 4/3/49
 
300
260
 
 
 
1,815
 
Saudi Arabia—0.3%
 
Saudi Arabia Government International
Bond,
3.450%, due 2/2/61
$
400
247
 
Senegal—0.3%
 
Senegal Government International Bond,
6.750%, due 3/13/48
 
500
252
 
South Africa—1.0%
 
Republic of South Africa Government
International Bond,
 
 
5.000%, due 10/12/46
 
400
287
 
7.250%, due 12/11/55(b)
 
550
503
 
 
 
790
 
Sri Lanka—1.8%
 
Sri Lanka Government International
Bond,
 
 
3.350%, due 1/15/30(a),(b)
 
260
240
 
3.350%, due 3/15/33(a)
 
160
133
 
3.600%, due 6/15/35(a)
 
200
151
 
4.000%, due 4/15/28
 
292
279
 
8.750%, due 3/15/33(a),(b)
 
300
249
 
9.750%, due 2/15/38(a),(b)
 
200
179
 
11.000%, due 12/15/29
LKR
45,000
148
 
 
 
1,379
 
Suriname—1.0%
 
Suriname Government International Bond,
8.500%, due 11/6/35(b)
$
700
724
 
Issuer
Principal
Amount
Value
 
Foreign Government Bonds—(continued)
 
Trinidad and Tobago—0.9%
 
Trinidad & Tobago Government
International Bond,
6.500%, due 1/28/36
$
350
$347
 
Trinidad and Tobago Government
International Bond,
6.400%, due 6/26/34
 
310
308
 
 
 
655
 
Tunisia—0.5%
 
Tunisian Government Bond,
6.375%, due 7/15/26
EUR
320
368
 
Turkey—2.1%
 
Turkey Government International Bond,
 
 
4.875%, due 4/16/43
$
600
421
 
5.250%, due 3/13/30
 
900
859
 
Turkiye Government International Bond,
6.300%, due 3/14/33
 
300
283
 
 
 
1,563
 
Uganda—0.4%
 
Uganda Government Bond,
15.000%, due 6/18/43
UGX
1,200,000
295
 
Ukraine—1.4%
 
Ukraine Government International Bond,
 
 
4.000%, due 2/1/32(a),(b)
$
570
410
 
7.750%, due 2/1/36(a)
 
1,000
511
 
7.750%, due 2/1/36(a)
 
300
137
 
 
 
1,058
 
Uruguay—1.4%
 
Oriental Republic of Uruguay,
5.250%, due 9/10/60
 
380
344
 
Uruguay Government International Bond,
9.750%, due 7/20/33
UYU
27,000
736
 
 
 
1,080
 
Uzbekistan—0.6%
 
Republic of Uzbekistan International
Bond,
3.900%, due 10/19/31
$
250
225
 
Uzbekistan Government International
Bond,
5.375%, due 5/29/27(b)
EUR
200
233
 
 
 
458
 
Venezuela—0.3%
 
Venezuela Government International
Bond,
11.950%, due 8/5/31(c)
$
500
254
 
Zambia—1.1%
 
Zambia Government International Bond,
 
 
0.500%, due 12/31/53
 
125
81
 
5.750%, due 6/30/33(a)
 
424
398
 
21.800%, due 3/17/40
ZMW
5,400
350
 
 
 
829
 
Total Foreign Government Bonds
 
51,009
See accompanying Notes to Portfolio of Investments.
58

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Principal
Amount
Value
 
Foreign Corporate Bonds—23.6%
 
Angola—0.5%
 
Avenir Issuer III (Ireland) Designated
Activity Company,
6.000%, due 3/22/27
$
166
$163
 
Avenir Issuer IV (Ireland) Designated
Activity Company,
6.000%, due 12/30/27
 
209
203
 
 
 
366
 
Brazil—1.3%
 
Aegea Finance S.a r.l.,
7.625%, due 1/20/36(b)
 
200
174
 
Brazil Minas SPE via State of Minas
Gerais,
5.333%, due 2/15/28
 
138
138
 
LD Celulose International GmbH,
7.950%, due 1/26/32
 
250
257
 
PRIO Luxembourg Holding Sarl,
6.750%, due 10/15/30(b)
 
250
243
 
Raizen Fuels Finance SA,
6.700%, due 2/25/37
 
400
217
 
 
 
1,029
 
Chile—1.3%
 
Corp. Nacional del Cobre de Chile,
 
 
3.700%, due 1/30/50
 
410
278
 
6.440%, due 1/26/36(b)
 
400
421
 
Sociedad Quimica y Minera de Chile SA,
5.625%, due 4/22/56
 
300
293
 
 
 
992
 
China—0.5%
 
China Oil & Gas Group Limited,
4.700%, due 6/30/26
 
200
199
 
Prosus N.V.,
3.061%, due 7/13/31
 
250
223
 
 
 
422
 
Colombia—0.2%
 
Banco Davivienda S.A.,
10 year CMT + 5.097%, 6.650%, due
12/31/99(d)
 
200
176
 
Costa Rica—0.2%
 
Liberty Costa Rica Senior Secured
Finance,
10.875%, due 1/15/31
 
180
190
 
Hungary—0.5%
 
Magyar Export-Import Bank Zrt,
6.125%, due 12/4/27
 
200
202
 
OTP Bank Nyrt.,
5 year CMT + 2.861%, 7.300%, due
7/30/35(e)
 
200
206
 
 
 
408
 
India—1.4%
 
Inter-American Development Bank,
7.350%, due 10/6/30
INR
22,000
227
 
IRB Infrastructure Developers Limited,
7.110%, due 3/11/32
$
250
250
 
Network i2i Limited,
5 year CMT + 3.390%, 3.975%, due
12/31/99(d),(e)
 
200
199
 
Issuer
Principal
Amount
Value
 
Foreign Corporate Bonds—(continued)
 
India—(continued)
 
Sael Limited,
7.800%, due 7/31/31
$
181
$181
 
Vedanta Resources,
9.850%, due 4/24/33
 
200
205
 
 
 
1,062
 
Indonesia—2.0%
 
Indonesia Government Sukuk,
5.200%, due 7/23/35(b)
 
250
245
 
Nickel Industries Limited,
9.000%, due 9/30/30(b)
 
250
249
 
Pertamina Persero PT,
2.300%, due 2/9/31
 
450
395
 
PT Pertamina (Persero),
6.000%, due 5/3/42
 
200
193
 
PT Pertamina Hulu Energi,
5.250%, due 5/21/30(b)
 
250
251
 
PT Sorik Marapi Geothermal Power,
7.750%, due 8/5/31(b)
 
187
185
 
 
 
1,518
 
Jamaica—0.3%
 
Montego Bay Airport Revenue Finance
Ltd,
6.600%, due 6/15/35
 
200
194
 
Kazakhstan—0.6%
 
ForteBank JSC,
7.750%, due 2/4/30
 
250
250
 
JSC Kaspi.kz,
6.250%, due 3/26/30(b)
 
200
200
 
 
 
450
 
Macao—0.3%
 
Melco Resorts & Entertainment Limited,
5.375%, due 12/4/29
 
250
240
 
Malaysia—1.1%
 
Dua Capital Ltd.,
2.780%, due 5/11/31
 
200
183
 
Khazanah Capital Limited,
 
 
4.759%, due 9/5/34
 
450
449
 
4.876%, due 6/1/33
 
200
203
 
 
 
835
 
Mexico—3.9%
 
America Movil SAB de CV,
10.300%, due 1/30/34
MXN
4,300
245
 
Banco Mercantil del Norte,
5 year CMT + 4.072%, 8.375%, due
12/31/99(d),(e)
$
200
206
 
Eagle Funding LuxCo S.a r.l.,
5.500%, due 8/17/30(b)
 
500
501
 
Petroleos Mexicanos,
 
 
6.750%, due 9/21/47
 
1,450
1,158
 
6.840%, due 1/23/30
 
510
512
 
6.950%, due 1/28/60
 
220
173
 
Saavi Energia S.a r.l.,
8.875%, due 2/10/35(b)
 
200
209
 
 
 
3,004
 
Mongolia—0.3%
 
Golomt Bank,
11.000%, due 5/20/27
 
200
202
See accompanying Notes to Portfolio of Investments.
59

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Principal
Amount
Value
 
Foreign Corporate Bonds—(continued)
 
Nigeria—0.3%
 
IHS Holding Ltd,
7.875%, due 5/29/30
$
200
$203
 
Panama—0.3%
 
C&W Senior Finance Ltd,
9.000%, due 1/15/33
 
200
200
 
Peru—1.1%
 
Banco de Credito del Peru S.A.,
 
 
7.850%, due 1/11/29(b)
PEN
400
121
 
7.850%, due 1/11/29
 
250
76
 
Boroo Investments Pte Ltd,
9.500%, due 8/7/32
$
200
197
 
Credicorp Capital Sociedad Titulizadora
S.A.,
9.700%, due 3/5/45
PEN
480
146
 
Minsur SA,
4.500%, due 10/28/31
$
300
282
 
 
 
822
 
Poland—0.3%
 
Bank Polska Kasa Opieki SA,
4.010%, due 2/27/36
EUR
200
224
 
Saudi Arabia—1.6%
 
Gaci First Investment Co.,
4.875%, due 2/14/35
$
400
384
 
KSA Sukuk Limited,
5.250%, due 6/4/34
 
600
604
 
SAB AT1 Limited,
5 year CMT + 2.302%, 6.500%, due
12/31/99(d),(e)
 
250
245
 
 
 
1,233
 
Serbia—0.3%
 
Telekom Srbija,
7.000%, due 10/28/29
 
200
197
 
South Africa—0.3%
 
Stillwater Mining Co.,
4.000%, due 11/16/26
 
210
208
 
Supranational—0.3%
 
Africa Finance Corporation,
5 year CMT + 3.015%, 7.500%, due
12/31/99(b),(d),(e)
 
200
200
 
Trinidad and Tobago—0.5%
 
Heritage Petroleum Company,
9.000%, due 8/12/29
 
200
205
 
Port of Spain Waterfront Development,
7.875%, due 2/19/40(b)
 
187
186
 
 
 
391
 
Turkey—0.9%
 
Export Credit Bank of Turkey,
5.750%, due 7/6/26
 
200
200
 
Turkiye Varlik Fonu Yonetimi AS,
6.875%, due 2/10/31
 
300
291
 
WE Soda Investments Holding PLC,
9.375%, due 2/14/31
 
200
197
 
 
 
688
 
Issuer
Principal
Amount
Value
 
Foreign Corporate Bonds—(continued)
 
United Arab Emirates—0.3%
 
Finance Department Government of
Sharjah,
4.000%, due 7/28/50
$
400
$248
 
Uruguay—0.3%
 
Navios South American Logistics Inc,
8.875%, due 7/14/30
 
200
208
 
Uzbekistan—0.6%
 
Ipoteka-Bank ATIB,
6.450%, due 10/9/30
 
250
248
 
Uzauto Motors AJ,
7.375%, due 11/19/30(b)
 
200
200
 
 
 
448
 
Venezuela—2.1%
 
Petroleum of Venezuela S.A.,
 
 
8.500%, due 10/27/20(c)
 
75
77
 
12.750%, due 2/17/22(c)
 
3,440
1,558
 
 
 
1,635
 
Total Foreign Corporate Bonds
 
17,993
 
Foreign Municipal Bonds—0.3%
 
Argentina—0.3%
 
Provincia de Buenos Aires,
 
 
5.875%, due 9/1/37(a),(b)
 
50
34
 
6.625%, due 9/1/37(a)
 
276
208
 
 
 
242
 
Total Foreign Municipal Bonds
 
242
 
U.S. Government—6.2%
 
U.S. Treasury Bill,
 
 
3.643%, due 7/9/26(f)
 
1,100
1,089
 
3.662%, due 2/18/27
 
600
581
 
3.666%, due 10/29/26
 
1,700
1,665
 
3.672%, due 10/1/26
 
1,000
982
 
U.S. Treasury Bond,
4.939%, due 8/15/54
 
480
430
 
Total U.S. Government
 
4,747
See accompanying Notes to Portfolio of Investments.
60

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
 
Issuer
Principal
Amount
Value
 
Repurchase Agreements—1.6%
 
Fixed Income Clearing Corporation,
1.150% dated 03/31/26, due 04/01/26,
repurchase price $1,179, collateralized
by U.S. Treasury Note, 3.875%, due
03/31/2028, valued at $1,202
$
1,179
$1,179
 
Total Repurchase Agreements1.6%
(cost $1,179)
 
1,179
 
Total Purchased Options0.1%
(premiums paid $128)
 
87
 
Total Investments98.8%
(cost $73,175)
 
75,257
 
Cash and other assets, less
liabilities—1.2%
 
934
 
Net Assets—100.0%
 
$76,191

CMT
Constant Maturity Treasury
PLC
Public Limited Company
(a)
Variable/Floating interest rate security. Certain variable/floating
interest rate securities are not based on a published reference rate
and spread but are determined by the issuer or agent and are based
on current market conditions. These securities do not indicate a
reference rate and spread in their description above. Rate presented
is as of March 31, 2026.
(b)
Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may only be resold in transactions
exempt from registration, normally to qualified institutional buyers.
(c)
Security is currently in default and/or non-income producing.
(d)
Security is perpetual in nature and has no stated maturity.
(e)
Floating Rate Bond. Rate shown is as of March 31, 2026.
(f)
Security, or portion of security, is segregated as collateral to cover
initial margin requirements on centrally cleared swaps aggregating a
total value of $455 (in thousands).
Forward Foreign Currency Contracts
Settlement
Date
Deliver/Receive
Counterparty
Local Currency
(in thousands)
USD (Base)
Purchased
or Sold
Current
Value
Net
Unrealized
Appreciation
(Depreciation)
Bought
 
 
 
 
 
6/17/26
Hungarian Forint
Citibank N.A.
14,843,000
$159,801
$156
$(3
)
6/17/26
Kenyan Shilling
Citibank N.A.
22,286,000
170,931
170
(1
)
6/17/26
Angola Kwanza
Citibank N.A.
158,818,000
172,516
169
(4
)
6/17/26
Ukrainian Hryvnia
Citibank N.A.
159,799
7,151,000
160
6/17/26
Uruguayan Peso
Citibank N.A.
14,900,000
370,647
365
(5
)
6/17/26
Brazilian Real
Citibank N.A.
4,100,000
778,949
778
(1
)
6/17/26
Euro
Citibank N.A.
468,680
542,821
544
1
6/17/26
Chilean Peso
Citibank N.A.
329,000,000
360,134
355
(5
)
Sold
 
 
 
 
 
6/17/26
Brazilian Real
Citibank N.A.
2,050,000
377,915
389
(11
)
6/17/26
Uruguayan Peso
Citibank N.A.
14,900,000
372,500
365
7
6/17/26
Hungarian Forint
Citibank N.A.
275,000,000
827,136
823
4
6/17/26
Peruvian Sol
Citibank N.A.
1,200,000
346,360
344
3
6/17/26
Chilean Peso
Citibank N.A.
329,000,000
369,219
355
14
6/17/26
Pound Sterling
Citibank N.A.
870,000
1,162,615
1,151
11
6/17/26
Ukrainian Hryvnia
Citibank N.A.
157,165
7,151,000
160
(2
)
6/17/26
Euro
Citibank N.A.
4,969,485
5,782,501
5,764
18
Total net unrealized appreciation (depreciation) on forward foreign currency contracts
$26
See accompanying Notes to Portfolio of Investments.
61

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
Purchased Options Contracts
Description
Counterparty
Exercise
Price/Rate
Expiration
Date
Number of
Contracts
Notional
Amount
(in thousands)
Value
Premiums
Paid
Unrealized
Appreciation/
(Depreciation)
Call–OTC EUR
versus USD
Citibank N.A.
1.1972
6/15/2026
1,228,000
EUR
1,228
$4
$19
$(15
)
Call–OTC EUR
versus USD
Citibank N.A.
1.1987
6/15/2026
1,666,000
1,666
5
25
(20
)
Call–OTC USD
versus IDR
Citibank N.A.
17,026.0000
6/08/2026
1,751,000
$
1,751
20
26
(5
)
Put–OTC EUR
versus USD
Citibank N.A.
1.1749
6/15/2026
1,666,000
1,666
39
25
14
Put–OTC USD
versus BRL
Citibank N.A.
5.3820
8/21/2026
390,000
$
390
15
15
0
Put–OTC USD
versus JPY
Citibank N.A.
156.6300
4/21/2026
1,000,000
$
1,000
4
18
(14
)
 
 
$87
$128
$(40
)
Centrally Cleared Credit Default Swaps
Reference
Entity
Buy/Sell
Protection
Fixed (Pay)
Receive Rate
Payment
Frequency
Maturity
Date
Cleared
Exchange
Notional
Amount
(in thousands)
Upfront
Payment
Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
Argentine Republic
Government
International
Bond
Buy
(1.000)%
Quarterly
June 2027
ICE
$250
$205
$8
$(197
)
Argentine Republic
Government
International
Bond
Buy
(1.000)%
Quarterly
December 2029
ICE
204
94
32
(62
)
Ivory Coast
Government
International
Bond
Buy
(1.000)%
Quarterly
June 2031
ICE
300
29
28
(1
)
Republic of South
Africa
Government
International
Bond
Buy
(1.000)%
Quarterly
June 2031
ICE
300
11
13
2
Saudi Arabia
Government
International
Bond
Buy
(1.000)%
Quarterly
December 2026
ICE
400
(6
)
(2
)
4
Turkey Government
International
Bond
Buy
(1.000)%
Quarterly
June 2031
ICE
750
64
67
3
Argentine Republic
Government
International
Bond
Sell
5.000%
Quarterly
June 2027
ICE
250
(190
)
3
193
Colombia
Government
International
Bond
Sell
1.000%
Quarterly
June 2036
ICE
280
(44
)
(47
)
(3
)
 
 
 
 
 
 
$(61
)
Centrally Cleared Interest Rate Swaps
Floating Rate
Reference
Pay/Receive
Floating Rate
Fixed
Rate
Payment
Frequency
Maturity
Date
Cleared
Exchange
Notional
Amount
(in thousands)
Upfront
Payment
Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
1-Day USD-SOFR
Compounded
Pay
4.250%
Annual
March 2029
LCH
$
4,018
$32
$76
$44
1-Day USD-SOFR
Compounded
Pay
3.750%
Annual
March 2032
LCH
 
5,161
14
21
7
See accompanying Notes to Portfolio of Investments.
62

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
Centrally Cleared Interest Rate Swaps(continued)
Floating Rate
Reference
Pay/Receive
Floating Rate
Fixed
Rate
Payment
Frequency
Maturity
Date
Cleared
Exchange
Notional
Amount
(in
thousands)
Upfront
Payment
Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
1-Day USD-SOFR
Compounded
Pay
3.600%
Annual
September 2035
LCH
$
2,500
(23
)
(52
)
(29
)
1-Day USD-SOFR
Compounded
Pay
4.000%
Annual
March 2044
LCH
 
2,184
(26
)
(39
)
(13
)
1-Day USD-SOFR
Compounded
Pay
3.500%
Annual
September 2054
LCH
 
565
(61
)
(63
)
(2
)
28-Day MXN-TIIE
Pay
8.850%
Annual
March 2046
LCH
MXN
4,400
1
(6
)
(7
)
6-Month EUR-
EURIBOR
Pay
3.250%
Annual
September 2037
LCH
EUR
407
18
14
(4
)
6-Month EUR-
EURIBOR
Receive
3.000%
Annual
March 2027
LCH
 
170
1
(1
)
(2
)
6-Month EUR-
EURIBOR
Receive
2.750%
Annual
March 2031
LCH
 
689
(14
)
4
18
6-Month EUR-
EURIBOR
Receive
3.250%
Annual
September 2033
LCH
 
400
(24
)
(16
)
8
6-Month EUR-
EURIBOR
Receive
2.750%
Annual
March 2034
LCH
 
438
(8
)
8
16
6-Month EUR-
EURIBOR
Receive
2.750%
Annual
March 2039
LCH
 
2,231
45
112
67
6-Month EUR-
EURIBOR
Receive
2.500%
Annual
March 2049
LCH
 
396
45
52
7
 
 
 
 
 
 
 
$110
Over-the-Counter Credit Default Swaps
Reference
Entity
Buy/Sell
Protection
Fixed (Pay)
Receive Rate
Payment
Frequency
Maturity
Date
Counterparty
Notional
Amount
(in thousands)
Upfront
Payment
Paid
(Received)
Value
Unrealized
Appreciation
(Depreciation)
Benin
Government
International
Bond
Buy
(1.000)%
Quarterly
December 2030
Barclays Bank PLC
$250
$19
$29
$10
Total net unrealized appreciation (depreciation) on swaps
$59

ICE
Intercontinental Exchange
SOFR
Secured Overnight Financing Rate
LCH
London Clearing House
TIIE
Interbank Equilibrium Interest Rate
EURIBOR
Euro Interbank Offered Rate
PLC
Public Limited Company
Currency Legend
ARS
Argentina Peso
BRL
Brazilian Real
COP
Colombian Peso
DOP
Dominican Republic Peso
EUR
Euro
HUF
Hungary Forint
INR
Indian Rupee
JMD
Jamaican Dollar
KZT
Kazakhstan Tenge
LKR
Sri Lanka Rupee
MXN
Mexican Peso
NGN
Nigerian Naira
PEN
Peruvian Nuevo Sol
PKR
Pakistani Rupee
PYG
Paraguay Guarani
UGX
Uganda Shilling
USD
United States Dollar
UYU
Uruguayan Peso
See accompanying Notes to Portfolio of Investments.
63

Emerging Markets Debt Fund
Portfolio of Investments, March 31, 2026(all dollar amounts in thousands) (unaudited)
ZMW
Zambian Kwacha
As of March 31, 2026, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
Investments in securities
Level 1
Level 2
Level 3
Total
Foreign Government Bonds
$
$51,009
$
$51,009
Foreign Corporate Bonds
17,993
17,993
U.S. Government
4,747
4,747
Repurchase Agreements
1,179
1,179
Foreign Municipal Bonds
242
242
Purchased Options
87
87
Total Investments in Securities
$
$75,257
$
$75,257
Other Financial Instruments
Level 1
Level 2
Level 3
Total
Assets
OTC Swaps
$
$10
$
$10
Forward Foreign Currency Contracts
58
58
Swaps
352
352
Liabilities
Forward Foreign Currency Contracts
(32
)
(32
)
Swaps
(303
)
(303
)
Total Other Financial Instruments
$
$85
$
$85
See accompanying Notes to Portfolio of Investments.
64

Notes to Portfolios of Investments
(1)
Significant Accounting Policies
(a)
Description of the Trust
William Blair Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. As of March 31, 2026, the Trust had the following funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.
U.S. Equity
Growth Fund
Large Cap Growth Fund
Mid Cap Value Fund
Small-Mid Cap Core Fund
Small-Mid Cap Growth Fund
Small-Mid Cap Value Fund
Small Cap Growth Fund
Small Cap Value Fund
Global Equity
Global Leaders Fund
International Equity
International Leaders Fund
International Growth Fund
Institutional International Growth Fund
International Small Cap Growth Fund
Emerging Markets Leaders Fund
Emerging Markets Growth Fund
Emerging Markets ex China Growth Fund
Emerging Markets Small Cap Growth Fund
China Growth Fund
Emerging Markets Debt
Emerging Markets Debt Fund
The investment objectives of the Funds are as follows:
U.S. Equity Funds
Long-term capital appreciation.
Global Equity Fund
Long-term capital appreciation.
International Equity Funds
Long-term capital appreciation.
Emerging Markets Debt Fund
Provide attractive risk-adjusted returns relative to the Fund’s benchmark.
(b)
Foreign Currency Translation
The Funds may invest in securities denominated in foreign currencies. As such, assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate on the date of valuation. The values of foreign investments, open forward foreign currency contracts, and cash denominated in foreign currencies are translated into U.S. dollars using a spot market rate of exchange as of the time of the determination of each Fund’s net asset value, typically 4:00 p.m. Eastern time on days when there is regular trading on the NYSE. Receivables and payables for securities transactions, dividends, interest income and tax reclaims are translated into U.S. dollars using a spot market rate of exchange as of 4:00 p.m. Eastern time. Settlement of purchases and sales and dividend and interest receipts are translated into U.S. dollars using a spot market rate of exchange as of 11:00 a.m. Eastern time.
(c)
Repurchase Agreements
In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. Each Fund’s outstanding repurchase agreements, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.
65

Notes to Portfolios of Investments
(2)
Valuation
(a)
Investment Valuation
The value of U.S. equity securities, including exchange-traded funds, is determined by valuing securities traded on national securities markets or in the over-the-counter ("OTC") markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the mean between the last reported bid and ask prices.
The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Adviser has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of March 31, 2026, fair valuation estimates for foreign equity securities were not obtained.
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.
Repurchase agreements are valued at cost, which approximates fair value.
Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.
Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset.
Option contracts on securities, currencies and other financial instruments traded on one or more exchanges are valued at their most recent sale price on the exchange on which they are traded most extensively. Option contracts on foreign indices are valued at the settlement price. If there were no sales that day or if no settlement price is available, such option contracts are valued at the mean between the last reported bid and ask prices. Option contracts traded in the OTC market shall be valued by an independent pricing service.
Securities, and other assets, for which a market quotation is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations for the Funds. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.
(b)
Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. A three-tier hierarchy of inputs is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
Level 1—Quoted prices (unadjusted) in active markets for an identical security.
Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time at which the net asset value of the Fund is calculated.
66

Notes to Portfolios of Investments
Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and are based on the best information available.
The value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown at the end of each Fund's Portfolio of Investments.
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation methodologies applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Exchange-Traded Securities
Securities traded on a national securities exchange (or reported on the NASDAQ national market), including exchange-traded funds, are stated at the last reported sales price on the day of valuation. Other securities traded in the OTC market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.
Fixed Income Securities
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.
Repurchase Agreements
Repurchase agreements are valued at cost, which approximates fair value. Repurchase agreements are categorized as Level 2 of the fair value hierarchy.
Derivative Instruments
Listed derivatives, such as certain options and futures contracts, that are actively traded are valued based on quoted prices from the exchange on which they are traded most extensively and are categorized as Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap and certain option contracts related to interest rates, foreign currencies, the credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be modeled by independent pricing services taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of forward foreign currency contracts and interest rate swaps. A substantial majority of OTC derivative products held by a Fund are valued using such models and are categorized as Level 2 of the fair value hierarchy.
Level 3 Securities
The fair value estimates for the Level 3 securities in the Small-Mid Cap Growth Fund and Small Cap Growth Fund were determined in good faith by the Adviser pursuant to the Trust's Valuation Procedures. There were various factors considered in reaching the fair value determination, including, but not limited to, the following:the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company’s performance and market trends that influence its performance. The Level 3 securities represented 0.00% and 0.00% as a percentage of net assets in the Small-Mid Cap Growth Fund and Small Cap Growth Fund, respectively.
67

Notes to Portfolios of Investments
(3)
Financial Derivative Instruments
Each Fund may use derivative instruments to maintain liquidity, to provide hedging, or in anticipation of changes in the composition of its portfolio holdings or as otherwise provided in each Fund’s prospectus. The derivative instruments held as of March 31, 2026 as disclosed in each Fund’s Portfolio of Investments, are representative of each Fund’s derivative instrument trading activity during the period ended March 31, 2026.
Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.
The Emerging Markets Debt Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDAs”). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by the Emerging Markets Debt Fund with various counterparties and allow the Emerging Markets Debt Fund to close out and net its total exposure to a counterparty in the event of a default.
Forward Foreign Currency Contracts
The Global Equity, International Equity and Emerging Markets Debt Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.
Options
The purchase or sale of an option by a Fund involves the payment or receipt of a premium by the Fund and the corresponding right or obligation, as the case may be, either to purchase or sell the underlying security, commodity, or other instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so the Fund loses its premium. Writing options involves potentially greater risk because the Fund is exposed to the extent of the actual price movement in the underlying security rather than only the amount of the premium paid (which could result in a potentially unlimited loss). OTC options also involve counterparty credit risk.
Swap Contracts
Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested, for example, at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:
Credit Default Swaps—A Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. Under current regulatory requirements, a Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future
68

Notes to Portfolios of Investments
payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of the period end for which a Fund is the seller of protection are disclosed in the Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the same Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, typically represent deterioration of the referenced entities’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.
Interest Rate Swap—A Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, a Fund would make the fixed payment and receive the floating payment. As a receiver, a Fund would make the floating payment and receive the fixed payment.
Total Return Swap—A Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver in the transaction, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, a Fund would make a payment for a positive return and would receive a payment for a negative return.
69